Brooklyn’s Q4 2022 leasing activity (0.18 million square feet) was cut by 31.0% since Q3 2022.
- The asking rent average declined by 2.9% since September 2022 to $50.43/SF. However, this was 2.6% above the $49.14/SF average one year ago.
- Brooklyn’s availability rate remained stable since the prior quarter at 21.1% and tightened by 1.0 pp, year-over-year.
- Sublet space represented 7.2% of Brooklyn’s overall availability, significantly less than Manhattan’s 22.5% share.