TerraCRG, Brooklyn’s commercial real estate brokerage, has released their 2015 Year-End Brooklyn Market Report. The report analyzes all of the commercial sales in the Brooklyn market throughout 2015 and a comparison of the last six years, categorized by neighborhood and asset class.
The findings show that the Brooklyn commercial sales market has continued to raise, equating to a dollar volume growth of 39 percent, up from $6.85 billion in 2014. This company verified a total of 1, 895 commercial sales with a total consideration of $9.5 billion, an approximate 39 percent increase in dollar volume from 2014.
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“The investments sales market in Brooklyn saw a 10 fold increase in the last six years, from one billion dollars’ worth of transactions at the end of the recession to just under 10 billion last year, ” said Ofer Cohen, Founder and President of TerraCRG. “Regardless of any short term effect the 421a expiration may have on new residential development of rental buildings – we expect Brooklyn to continue its long term trajectory, with the continued strength of multifamily sales and industrial to office conversion.”
2015 Report Highlights:
- There was a total of 1, 895 commercial sales in Brooklyn in 2015, with a total consideration of over $9.5B
- There was an approximately 39% increase in dollar volume from 2014
- The average transaction in Brooklyn was 47% higher than the year before, from $3.4M to $5.0M
- The increase in total dollar volume stems from unprecedented asset appreciation
- Over the past six years, since 2010, there has been a 10 fold increase in dollar volume
The complete report, which covers 2010 through 2015 and includes a detailed review of multifamily, mixed-use, development, retail and industrial/office properties in Brooklyn.
