GFI Realty Services Report: Brooklyn Residential Growth Drives 55-Percent Year-Over-Year Increase in Office Investment April 5, 2016

City Biz List | March 16, 2016

‘Brooklyn: The Bridge to the Future’ Examines Neighborhoods Most Sought-After by TAMI Companies

A staggering 22,000 new apartments slated to hit the Brooklyn market by 2019 have led to approximately 16 million square feet of office development either planned or in progress across the borough, according to GFI Realty Services’ Q1 2016 marketing report, Brooklyn: The Bridge to the Future.

As a result of Brooklyn’s strong residential growth, which shows no sign of slowing, the borough has emerged as an incubator for technology, advertising, media and innovation (TAMI) companies. The trend, which began in Northern Brooklyn with the emergence of neighborhoods such as Greenpoint, Williamsburg and Bushwick, has moved south, particularly in waterfront neighborhoods such as the Navy Yard, Downtown Brooklyn, DUMBO, Gowanus, Red Hook and Sunset Park.

Overall, in 2015, more than $1 billion was spent on investment in office properties in Brooklyn — a 55-percent increase from the $644 million spent in 2014.

“As Brooklyn’s waterfront neighborhoods have been revitalized, developers have been steadily crossing the East River to acquireinvestment properties that are ripe for office development,” explains Justin Fitzsimmons, Research Analyst of GFI Realty Realty Services. “For many years, NYC officials have put forth a variety of incentives aimed at expanding Brooklyn office development, but the efforts produced limited results. However, with the borough now leading the entire United States in terms of new multifamily construction, many firms are choosing to relocate to Brooklyn to better recruit the massive number of creative and innovative individuals who reside there.”

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