Brooklyn Office Figures Q2 2023

·       Leasing activity totaled 128,000 sq. ft. in Q2 2023, a 43% decrease from Q1 2023 and 56% below the five-year quarterly average.

·       The availability rate decreased 40 basis points (bps) from the previous quarter to 23.9% but is up 120 bps from the prior year.

·       Net absorption totaled positive 144,000 sq. ft. in Q2, bringing year-to-date absorption to 546,000 sq. ft.

·       The average asking rent was $53.50 per sq. ft., up 2% quarter-over-quarter and up 13% year-over-year.

·       The sublease availability rate rose 20 bps from the prior quarter to 1.6% and represents 7% of all available space.