A new report from CPEX Real Estate confirms what many had
already suspected: the number of retail stores in Brooklyn continues to
grow expeditiously and shows no signs of slowing down.
CPEX’s 2015 Brooklyn Retail Report, which covers the borough’s retail
activity in 2014, highlights that the number of active retail
corridors in Brooklyn grew to 121 retail corridors at the end of 2014,
up from 88 corridors at the same time in 2013. A year earlier, that
figure was 67.
“The one thing that we really found shocking was the growth of the corridors since 2013,” Ryan Condren, the managing director of retail leasing at CPEX, told Commercial Observer. “To grow over 80 percent in two years is remarkable.”
Of all the Brooklyn neighborhoods, Park Slope has the most retail
corridors with 15, followed by Williamsburg with 13 and Crown Heights
with seven. At the end of 2014, 13 retail corridors in Kings County had
asking rents that exceed $100 per square foot. In 2013, there were
Some neighborhoods which have historically have had a dearth of
shopping options have been particularly impacted by the growth of retail
in the borough. Bedford-Stuyvesant saw 33 new shops open in 2014 alone.
And many national retailers made Brooklyn their home for the first time
last year, including Apple and Madewell in Williamsburg, JCPenney in East New York and Neiman Marcus in the borough’s downtown.
The report attributes much of the explosive retail growth to the
rapid increase in residential units in the borough. Since 2013, the
number of new building permits
in Brooklyn for residential properties increased 116 percent, the
report says. The average household income in the borough today is
“It was only a matter of time,” said Mr. Condren, referring to the
borough’s eye-popping retail growth. “Brooklyn is going back to its
roots as being its own city and not being dependent on Manhattan. We’ve
always had the infrastructure in place. Not only has the residential
density gotten stronger, but office vacancy rates are at historic lows.”