Brooklyn retail market continues to struggle

New York City’s retail woes are not limited to Manhattan.

Brooklyn’s retail market has been suffering during the Covid-19 pandemic as well, with rents decreasing in most major corridors, according to the Real Estate Board of New York’s summer retail report for the borough.

“We continue to see the market adjust, creating new opportunities for both tenants and owners, as well as posing some challenges as we work to rebuild the city’s economy,” REBNY President James Whelan said in a statement.

Here are the main takeaways from the report:

Rents are down in 11 of 17 Brooklyn corridors.

Average asking rents dropped in the vast majority of

→ Continue reading at Crain's New York Business

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