For years now, Brooklyn retail spaces have been overlooked in favor of other NYC storefronts in Manhattan. However, with a combination of re-zoning and tax opportunities, retailers both local and international have their sights set on securing Brooklyn retail spaces for 2019.
Vacant Brooklyn Retail Spaces
In addition to tax breaks and rezoning, a slight rise in commercial vacancies helped to spark an interest in Brooklyn retail spaces. Last year saw a slightly higher increase in vacancies but still low enough to not raise any concern. Most of the vacancies were initiated by property and shop owners looking to relocate or retire. The unexpected result, combined with the current economic trajectory, was that the vacancies attracted the attention of major retailers and niche local businesses. For instance, the prime competitor to H&M opened a flagship store in Brooklyn. A Land, a similar business based out of South Korea, moved into a retail space in the Williamsburg area this past summer. Retailers are scouting out possible Brooklyn retail spaces to get a larger presence in New York City without requiring residents to travel into the heart of Manhattan to make purchases.
Construction for Brooklyn Retailers
Existing Brooklyn retail spaces aren’t the only option for businesses. Commercial real estate investors and property developers are lining up new construction for 2019. The new construction will offer more retail space in Brooklyn, and businesses are lining up to secure space before projects are even completed. Right now a little over 300,000 square feet of retail space will have completed construction by the end of 2018, but investors and developers are lining up more potential construction sites to create additional retail spaces in Brooklyn. With the shift to Brooklyn retail spaces, other industries are looking at properties in the area. Distributors and transportation companies are also looking for property to help facilitate supply chains in Brooklyn, as well as the greater NYC area, including New Jersey and Pennsylvania.
Financing Brooklyn Retail Spaces
Express Capital Financing offers a wide range of solutions for commercial properties in Brooklyn, NY. Whether you are looking to acquire retail space to lease to a business, raw land for new construction, or anything in between, our team has you covered. Contact our offices today, and we will create a funding strategy to help you reach your goals quickly and efficiently.