Brooklyn: The Epicenter of Hip - Cushman & Wakefield

Brooklyn: The Epicenter of Hip

• Urban renewal often follows the same path as neighborhoods move from blighted to edgy to cool to upscale. In Brooklyn, this process is on steroids as the path of retail redevelopment continues to seek out new neighborhoods.

• The once blighted Williamsburg submarket has become one of the most sought after retail districts in the nation. Median asking rents here are now averaging $250 per square foot with space on the trendy Bedford Avenue corridor averaging $350 per square foot.

• While independents and alternative retailers began the revolution, Brooklyn is now in high demand for national credit chains; large concepts and big boxes are driving a number of redevelopment projects in the borough.

• “Brooklyn Style” is a real thing; both medium-sum and high-dollar private equity investors are on the lookout for funky, fresh retail concepts that they can take national.