Retail Rents Back On Rise In Cobble Hill: Report

COBBLE HILL, BROOKLYN — Rents are back on the rise for businesses on two major thoroughfares in Cobble Hill, a new report says.

The average rent for a ground-floor retail business on Smith Street, between Carroll Street and Atlantic Avenue increased from $134 per square foot in the summer of 2016 to $149 this summer, according to the report, from the Real Estate Board of New York.

On Court Street, from Carroll to Atlantic, that number went from $145 to $148 during that time.

Across all of Brooklyn, retail rents increased year-over-year in 10 of the 15 major retail corridors in Brooklyn that were measured. The board attributes this growth to more hotel and office developments that increase foot traffic in these areas.

"New developments are drawing more attention, particularly from retailers that are looking to develop a presence in Brooklyn as an extension of their Manhattan mainstays," REBNY President John Banks said in a statement. "In spite of shifting national retail market conditions, Brooklyn continues to present attractive storefront opportunities in growing, more densely populated neighborhoods."

Earlier this year, this report found retail rents dipping slightly along both stretches in Cobble Hill from winter 2016 to winter 2017.

This new report cautioned against reading too much into short-term fluctuations.

"We must stress that a change between two consecutive periods does not necessarily indicate a change in the market," the report said. "Such short term fluctuations may only be the result of spaces coming on or off the market. However, as we build historical data, we can identify long-run trends that suggest a gradual market shift. The median rent information, the range of rent information and this analysis of the data should help readers receive a comprehensive and accurate picture of the market in these selected corridors."

You can read the full report here.

(h/t DNAinfo)

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