After years of decline, the Brooklyn office market shows signs of recovery, with landlords leasing 570,000 square feet recently, significantly aided by educational institutions. Four of the five largest leases were signed by schools, notably Brooklyn Prospect Charter School's lease of over 150,000 square feet at The Wheeler, emphasizing the role education plays in this revitalization. While renting to schools entails higher costs due to required space modifications, their presence is vital for the growing population in the borough, which saw a 1% increase in residents in the past year.
Education has led the way, with four of the five largest leases signed by schools, indicating a significant investment in Brooklyn's office market recovery.
Schools may not be what landlords imagine for new Class-A office buildings, but they are essential services for a borough experiencing a population surge.
Hiring educational facilities can be costly due to substantial build-out requirements, but tenant improvements often included in rent can make them viable for landlords.
Brooklyn's office market rebound is largely driven by school tenants leasing significant spaces, reflecting changing dynamics in real estate post-pandemic.
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