Brooklyn to Overtake Chicago in Population?

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Brooklyn is now so popular that its population is growing at a rate of 2.4 percent, more than any other New York City borough, according to Real Estate Weekly. If the growth continues at that pace, Brooklyn will overtake Chicago as the third largest city (if it were a separate city) sometime in the next 12 years. Then again, Chicago is growing at the slowest rate of all the large metro areas in the U.S., according to the Census. “For the first time since before 1950, more people are coming to New York City than leaving,” said Mayor Bloomberg. Demand is causing real estate prices to boom, and in turn, new construction may be helping to draw new residents into the borough. “In 2012, investment sales were $4 billion, a 106 percent jump over the year prior…The dollar value for commercial transactional jumped 383 percent from 2011, while office product rose 314 percent,” said the story. Meanwhile, as readers of this blog already know, “apartment prices in prime Brooklyn neighborhoods are now fast approaching $1,000 per square foot, comparable in cost to Manhattan.” Median rents increased 7.2 percent to $2,590 in February, according to the most recent Elliman Report. The last year may be seen “as a turning point for Brooklyn real estate,” according to Jonathan Berman, vice president of Ariel Property Advisors, citing high volume and the debut of several large developments, including Barclays Center. Certainly there have been no lack of media stories about the Brooklyn phenomenon. “During the ’70s, Brooklyn lost nearly one out of every seven residents, today it’s a different story,” the story quoted Borough President Marty Markowitz as saying. “For those of us old-school Brooklynites who never gave up on Brooklyn, it has been incredible to see the world catch up with us.” Do you think the growth is sustainable? Or will Brooklyn fall out of fashion again?
World Catching up to Brooklyn [Real Estate Weekly]

11 Comment

  • As gas prices go up more people want to live near cities to use public transportation, add in NYC job market vs the rest of the country and you have an influx of young college grads from all over the country looking to settle in NYC. Manhattan has priced many out, Brooklyn is beginning to price many out, only a matter of time before neighborhoods like Sunnyside and Jackson Heights see similar situations

    • “Brooklyn is beginning to price many out”

      beginning?

      • Not out of the entire borough. Out of parts of the borough, sure, but pretty much anyone can afford to live *somewhere* in Brooklyn. Not like Manhattan, where plenty of people are being priced out of Washington Heights or East Harlem. (Kind of a picky distinction, but I think it’s an important point on keeping our perspective attuned to the entire borough rather than just a small sliver of it.)

  • I don’t believe Bloomberg was joking when he said the city will see 9 million people by 2030 or so. The world is urbanizing. 1 in 3 counties in the U.S. are dying as people move closer and closer to cities. New York City has moved into the ranks as one of the top global cities in the world, if not the top. Job growth in the tech sector, healthcare, education is expanding. Gas prices will only be higher in the future. As people become more and more addicted to computers and hand held devices, they will want to live in social places like cities to avoid the monotony and boredom of cul de sac living. So many factors have come together to make Brooklyn such an attractive place today, but really it’s been attractive for much of its history, except a few really bad years in the 70′s and 80′s. The renaissance of NYC (and especially Brooklyn) has become the envy of many cities around the world.

    • Agreed 100%. The urbanist movement and reverse white flight was on and poppin in the last decade. The impact of the 2008 crash was unclear, however, not it appears to have been a bump in the road. The selection of the next mayor of NYC could have a significant impact on whether we continue to see growth, or a slide back to the “bad ol days” of the 80s. Not sure who the best candidate (for mayor) is, but I’m hopeful the best woman (go Linda!) or man wins the job!

  • I lived in Chicag from 1980-1994. it was still growing rapidly at that point. The mismanagement of the city, the crime rate and the pension albatross that city faces under years of Democratic machine control has burdened the city quite a bit. Layer on the increased amount of violent crime and you’ve got classic white flight.

    • I don’t know. Most cities in the 80′s were pretty bad. NY, MIAMI, CHICAGO, ATL, HOUSTON, …it was a product of the economy at the time. High unemployment and inflation. The Reagan years to be exact

      • Bad days of the 80s? The rapid flight out was in the 60s and 70s. By the early 80s people were definitely moving back in. Gentrification on the move. First big condo conversion boom. The recession/crack put the brakes on for a while but then the trend resumed. At least that’s how it seemed living here.

  • Yeesh. Thanks a lot, Brownstoner.

  • buy buy buy!!! hurry up before Cyprus crashes the system!

    ” The impact of the 2008 crash was unclear, however, not it appears to have been a bump in the road.”

    WAS unclear? IS unclear! the crash is still on, although dormant until the Cyprus bank holiday this week. the great depression lasted a decade but they thought it was over in 1932!

    this is so 1999 nasdaq!

  • If we get a Mayor that’s not about the have and have nots, Brooklyn will change. The influx of young social media intoxicated transients will stop and maybe places like Bed Stuy and Crown Heights will retain it’s culture.