Figures

Brooklyn Office Figures Q1 2023

April 12, 2023 10 Minute Read

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  • Leasing activity totaled 225,000 sq. ft. in Q1 2023, a 44% decrease from Q4 2022 and 26% below the five-year quarterly average
  • Renewals amounted to 4,400 sq. ft. in Q1, down 2% from Q1 2022
  • The availability rate increased 360 basis points (bps) from the previous quarter to 24.3% and up 160 bps from the prior year
  • Net absorption totaled positive 402,000 sq. ft. in Q1
  • The average asking rent was $52.38 per sq. ft., up 7% quarter-over-quarter and up 11% year-over-year
  • The sublease availability rate increased 20 bps from the prior quarter to 1.4% and represents 6% of all available space