Brooklyn retail is bucking the trend. Average asking rents for available ground floor retail spaces increased in seven of the 15 Brooklyn retail corridors analyzed in the Real Estate Board of New York’s (REBNY) Winter 2017 Brooklyn Retail Report, when compared to winter 2016.
“While national brick-and-mortar retail has taken a hit this year due to shifting shopping trends, Brooklyn has retained retailer interest for transit-oriented locations with growing foot traffic,” said John Banks, president of REBNY.
All the new apartment towers now opening in Brooklyn are also bringing new shoppers to retail districts like Greeenpoint’s Franklin St. and Fulton St. in Downtown Brooklyn. However, rents also rose in established shopping strips like Seventh Ave. in the Park Slope neighborhood.
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