Defying the law of supply and demand, Brooklyn office space is increasingly vacant, but the prices are going up, too. So says a second quarter report by real estate investment firm Marcus and Millichap, which the Observer made note of. We had more office vacancies in the middle of this year — 10.5 percent — than the middle of last year, 10.4 percent. And more vacancies are on the horizon, as some 2,000 Brooklyn office jobs are expected to disappear. Strangely, though, asking rents are up 5.1 percent since last year, to $27.58 per square foot on average. Weird.
Brooklyn Office Vacancy, Asking Rents Increase [Observer]
To office. Photo by gitachitarra.