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CBRE
Figures
  | 
Brooklyn | Q1 2024

Positive absorption drops availability rate
to 20.4%
CBRE RESEARCH
 | 
Q1 2024
234k
Leasing Activity
475k
SF Net Absorption
20.4%
Availability Rate
19.1%
Vacancy Rate
$54.92
Average Asking Rent
Arrows indicate change from previous quarter.
  • Leasing activity totaled 234,000 sq. ft. in Q1 2024, 96% higher than Q4 2023 but still 12% below the five-year quarterly average.
  • The availability rate decreased 140 basis points (bps) from the previous quarter to 20.4% and is down 390 bps from the prior year.
  • Net absorption totaled positive 475,000 sq. ft. in Q1.
  • The average asking rent was $54.92 per sq. ft., up 3% quarter-over-quarter and 5% year-over-year.
  • The sublease availability rate fell 30 bps from the prior quarter to 1.6% and represents 8% of all available space.
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