Figures

Brooklyn Office Figures Q4 2023

January 10, 2024 10 Minute Read

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  • Leasing activity totaled 119,000 sq. ft. in Q4 2023, a 19% decrease from Q3 2023 and 59% below the five-year quarterly average.
  • Annual leasing totaled 620,000 sq. ft. in 2023, 37% behind 2022’s total.
  • The availability rate decreased 100 basis points (bps) from the previous quarter to 21.8% but is up 110 bps from the prior year.
  • Net absorption totaled positive 396,000 sq. ft. in Q4, bringing year-end total to 1.34 million sq. ft.
  • The average asking rent was $53.27 per sq. ft., up 1% quarter-over-quarter and 9% year-over-year.
  • The sublease availability rate rose 10 bps from the prior quarter to 1.9% and represents 9% of all available space.