TerraCRG: Commercial Real Estate Stabilizing
Terra CRG just released its 2010 report on the state of the commercial real estate market in Brooklyn. According to the report, the billion dollars or so in sales is about in line with 2009 number. While you can check out data on retail and multi-family sales here, we were particularly interested in the levels…
Terra CRG just released its 2010 report on the state of the commercial real estate market in Brooklyn. According to the report, the billion dollars or so in sales is about in line with 2009 number. While you can check out data on retail and multi-family sales here, we were particularly interested in the levels at which developable property was changing hands. Despite cries of oversupply and a handful of high-profile projects going belly up, developers apparently have not lost their appetite for North Brooklyn. Williamsburg had the highest number of sales (8) and the highest dollar volume ($20,597,593). As the chart above shows, Williamsburg and Greenpoint also put up the highest numbers on a price-per-buildable-square-foot basis. Interesting.
that’s what the piece says, per buildable, look again
“price per buildable square foot”, not
“price per square foot”.
As the report shows, developers are buying housing sites again in anticipation that condos will continue to see and there will be less of then next year or two. Everyone i know is actually chasing opportunity.