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Brooklyn Office Market Report 2Q 2020

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The quarterly availability rate for Colliers’ “Brooklyn 30” tightened during 2Q 2020 by 3.3 pp (percentage points) to 15.1%.  This was primarily driven by leasing activity at 15 MetroTech Center and 1 Pierrepont Plaza along with the removal of a 250,000+ SF block of space from the availability rate at 850 Third Avenue.  Year-over-year, availability was lower by 2.3 pp.  Sublet availability, however, was higher by 1.6 pp since 1Q 2020 to 4.3% due to two separate 100,000+ SF blocks of sublet space listed at 1 MetroTech Center.

 

The quarterly asking rent average for Colliers’ “Brooklyn 30” increased by 2.9% to $40.80/ SF due to below-average priced inventory removed at 850 Third Avenue.


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Brooklyn Office Market Report 2Q 2020

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Franklin Wallach

Executive Managing Director

New York

Franklin Wallach is an Executive Managing Director, Research & Business Development at Colliers.  Franklin's role includes a focus on quarterly and monthly trends within the Manhattan and Brooklyn office markets while using multiple databases and maintaining contacts within the industry in order to provide in-depth market analysis to brokers and clients.

Franklin reports on the office market on a monthly and quarterly basis through analytical reports as well as presentations to tenants, landlords and the press. Data analyzed by Franklin includes: average asking rents, availability rates, concessions, absorption, tenants in the market, leasing activity, construction and future tenant demand. Franklin has been quoted by numerous periodicals including The Wall Street Journal and The New York Times.

Franklin’s expertise in synthesizing data into important, poignant and understandable observations has led him to be a key ingredient on a number of wins over the years. He has also parlayed this skill into offering strategic advisory on existing assignments as well as creative planning for business development pursuits and opportunities. Franklin's business development role enables him to formally assist the Colliers' brokerage practice in the pursuit, development and execution of new business.
 

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