"With quality owners, there's never been more competition for quality spaces in the top corridors of Brooklyn, whether on Court Street, in the borough's top shopping centers, or in Williamsburg," says Ben Weiner, vice president at Ripco Real Estate.
"Brooklyn is a great market, but different areas have evolved differently and some have yet to evolve," says Laura Pomerantz, vice chairman and head of strategic accounts at Cushman & Wakefield.
"Williamsburg, once filled with commercial warehouses that today have been mostly converted to residential and retail uses, has become 'very hip,' spurred by young people relocating from Manhattan seeking more space for growing families or working from home," says Pomerantz, referencing census data showing growth.
"For better or worse, as tenants look to stay in the neighborhood and can't afford North Sixth Street, certain retailers on that street are relocating to nearby locations due to rising rents," Weiner states.
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