Brooklyn Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $44.85 2023 Avg. Asking Rent
  • -2.66% Y-o-Y Avg. Asking Rent Change
  • 16.43% 2023 Office Vacancy Rate
  • $67.6M2023 Total Office Sales
  • $233.28Avg. Sale Price/SF

Brooklyn office price per square foot in 2023 was $44.85 on average. This marked a -2.66% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 16.43% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $67.6M. Brooklyn office space commanded an average sale price per square foot of $233.28.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Brooklyn Class A & A+ Office Space$49.57
  • Brooklyn Class B Office Space$44.60
  • Brooklyn Class C Office Space$45.23
  • New York Class A & A+ Office Space$64.56
  • New York Class B Office Space$36.62
  • New York Class C Office Space$45.97

Brooklyn, NY Office Asking Rents by Class

Average office rent in Brooklyn rested at $44.85 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Brooklyn averaged $49.57 per square foot. Across all submarkets, class B office space recorded an average asking rent of $44.60 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $45.23 per square foot, on average. Comparably, statewide New York average office rents by class in 2023 were: $64.56 per square foot for class A office space; $36.62 per square foot for class B office space; $45.97 per square foot for class C office space.

2023 Office Vacancy Rates in Brooklyn

Submarket Asking Rents Vacancy Rates
Brooklyn Heights $60.27 27.57%
Williamsburg - Greenpoint $48.08 19.37%
Dumbo - Vinegar Hill $47.75 19.67%
Red Hook - Carroll Gardens - Gowanus $42.71 13.70%
Navy Yard - Fort Greene - Clinton Hill $42.51 19.16%
Downtown Brooklyn $42.19 20.55%
Bay Ridge - Sunset Park $40.40 10.19%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Brooklyn market was 16.43% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Brooklyn was 10.19% in the Bay Ridge - Sunset Park submarket, while the highest office vacancy in the market was 27.57%, recorded in Brooklyn Heights.

Office Spaces for Rent in New York

Brooklyn Office Sale Price per SF

  • $233.282023 Avg. Price per SF
  • $67.6M2023 Office Sales Volume
  • 32023 Number of Transactions

Brooklyn, NY Sale Price per SF Trend

  • Brooklyn Avg. Sale Price per SF in 2023$233.28
  • New York Avg. Sale Price per SF in 2023$393.23
The sale price for office space in Brooklyn averaged $233.28 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide New York average office sale price during the same time period was $393.23 per square foot.

2023 Office Sales Volume

  • Brooklyn, NY Total Office Sales Volume in 2023 $67.6M
  • Brooklyn, NY Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Brooklyn office market in 2023, adding up to a yearly sales volume of $67.6M. Notably, the largest transaction on the market saw 1000 Dean Street change hands for $32,500,000 on 11/28/2023.
Data provided by Commercial Edge

Coworking Spaces in New York

2023 Office Construction in Brooklyn, NY

  • Brooklyn, NY Total SF completed in 2023 875,057
  • Brooklyn, NY Total SF under construction in 2024 636,565

During 2023, 875,057 square feet of new office space were delivered across the market. At the close of 2023, the Brooklyn office inventory included 3 buildings equal to or larger than 25,000 square feet, which comprised 875,057 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 636,565 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Brooklyn
Office building Address SF Completed
69 Adams Street 69 Adams Street, 11201 308,754 2024
29 Jay Street 29 Jay Street, 11201 248,782 2024
1508 Coney Island Avenue 1508 Coney Island Avenue, 11230 163,000 2024
Brookly-Flatbush New Construction Medical Office 1644 New York Avenue, 11210 25,566 2024
2 Bushwick Avenue 2 Bushwick Avenue, 11211 25,000 2024
1940 Shore Parkway 1940 Shore Parkway, 11214 20,000 2024
2 Bushwick Avenue 2 Bushwick Avenue, 11211 12,655 2024
2801-2803 Tilden Ave 2801-2803 Tilden Ave, 11226 3,800 2024
141 Willoughby Street 141 Willoughby Street, 11201 379,297 2023
300 Huntington Street 300 Huntington Street, 11231 111,520 2023

Worth noting among recent office completions on the Brooklyn market is 69 Adams Street, which is currently the largest new office development in the city, at 308,754 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Brooklyn commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.