"Brooklyn's office market is carving out its own identity as companies and workers move away from Manhattan's pricier spaces, according to new data from JLL. Average asking rents in Brooklyn dropped 5.1% over the past year, now at $53.33 per square foot. But the report shows a sharp divide between high-end and mid-tier offices. Class A buildings, the newest spaces with modern amenities, are facing vacancies close to 25%."
"Andrew Lim, research director for JLL New York, said hybrid work schedules are influencing demand. Many employees only come into the office a few days a week, and companies are seeking spaces that offer more than just desks. Developments like Empire Stores, redeveloped into a mix of office space, food halls and social clubs, show how mixed-use projects are appealing to tenants who want lifestyle perks alongside work."
Average asking rents in Brooklyn fell 5.1% year-over-year to $53.33 per square foot. A pronounced split exists between Class A and Class B offices: Class A buildings face vacancies approaching 25%, while older Class B spaces are roughly 40% cheaper and show a 9.1% vacancy rate. Hybrid work patterns are reducing full-time office utilization, with many employees on-site only a few days weekly. Tenants are prioritizing amenities and lifestyle offerings over traditional desk space. Mixed-use redevelopments such as Empire Stores combine office space, food halls and social clubs, attracting tenants seeking integrated work-and-social environments.
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