Brooklyn rents increase as new product comes on line

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An interesting statistic from JLL Research: new office product coming to market in Brooklyn has asking rents that represent a 61 percent premium to previously existing product, a level in line with Downtown Manhattan asking rents. In fact, DUMBO asking rents ($65.35 per s.f.) have now surpassed Downtown Manhattan asking rents ($60.87 per s.f.). And nearly 40 percent of space currently available in Brooklyn and Long Island City are in buildings that are under construction, with concentrations in Williamsburg, Flushing Avenue Corridor and DUMBO. Will this trend continue as the millennial workforce living in Brooklyn and Long Island City seeks work locations closer to home?