Greenwood Office Space
Greenwood, NY, like many neighborhoods in Brooklyn, has among the highest property values in the nation. Greenwood has a lot to offer for the price. It is a quiet but eclectic community with low crime rates and good schools.
Renting office space in Greenwood allows you access to affluent residents and tourists. Being close to Manhattan is a selling point, and residents and tourists in Greenwood could reach local businesses without the hassle of a bridge, tunnel, or ferry.
Greenwood Office Space – Lease Data & Trends
Trends in Brooklyn as a whole show decreases in rental prices but resilience in the residential markets. Neighborhoods are staying put despite COVID-19 and other challenges, providing support for local businesses.
According to Colliers, rental prices have barely budged year over year in Industry City, declining slightly from $28.77 in the second quarter of 2020 to $28.42 a year later. This suggests stability in the real estate market for the Greenwood area despite economic and social changes. Net availability may have peaked, decreasing by 1.3% from Q1 to Q2 but remaining above 2020 levels. Availability differs widely across Brooklyn, holding steady in Industry City but decreasing in Red Hook and the Navy Yard.
What Our Brokers Say About Greenwood Office Space
Our brokers see Greenwood as a changing neighborhood. Recent high-rise apartments have prompted an influx of younger residents to what Forbes Magazine describes as an “under-the-radar” and “bustling” Brooklyn location.
Population growth in the area has spurred interest in office and commercial properties in Greenwood, often small properties in residential areas. However, COVID has reduced prices in many locations across Brooklyn, counteracting the preexisting trend toward increased demand.
Aside from Industry City, Greenwood has not seen much large-scale development such as office parks or big box stores. For a high-end boutique retailer or a small business looking for access to Manhattan in a residential locale, Greenwood might be just the place for you.
Top Commercial Buildings in Greenwood
Office space is available in Greenwood’s iconic Industry City complex, which dates back to the 1900s and 1910s, but has been extensively renovated with new construction in the past decade. Industry City contains over 5.8 million square feet of space, with much of it available as creative office space.
The Briq Building on 132 32nd Street contains over 130,000 square feet of creative office space. It was built in 2018, but its brick facade evokes New York’s past.
177 27th Street, built in 1982, contains over 12,000 square feet of flex office space located blocks from the waterfront.
Smaller properties, including retail storefronts, are also available.
Get to Know Greenwood
Greenwood’s historical significance dates to the Battle of Long Island in the Revolutionary War. A notable feature of Greenwood Heights is the historic Green-Wood Cemetery, a 478-acre park known as the “first public park in Brooklyn.” The ornate 25th Street gates and its famous occupants (including Leonard Bernstein and Nathaniel Currier of “Currier and Ives”) draw tourists and invite contemplation.
Industry City, a former waterfront warehousing and transportation complex, is one of Greenwood’s most prominent commercial areas. After falling into disrepair in the 1970s, it has since been renovated and rebranded as a creative space with shopping, hotels, and dining.
Greenwood is also close to Prospect Park, the Brooklyn Botanic Gardens, and the Brooklyn Museum. The tourist traffic through Greenwood supports many bars and small shops. The area has experienced significant gentrification, resulting in properties from Greenwood’s working-class past being reconstructed as art studios and other trendy commercial properties.
Why Rent Office Space in Greenwood?
Renting office space in Greenwood positions your business within easy reach of thriving financial, commercial, and cultural centers in Manhattan and northeast Brooklyn. Meetings, events, and resources in Manhattan are just a subway ride away.
Commercial properties benefit from the consumer base of educated and high-income households in the area. Business properties offer commuters from New Jersey or further east on Long Island easy access by train or subway.
Office space in NYC positions a business to capitalize on post-COVID trends. It could serve as a hub for remote workers while allowing on-site employees to handle the crucial face-to-face business interactions that can’t be relegated to Zoom or FaceTime.
New York City has always been a city of renewal, enterprise, and optimism. Capture that spirit at low prices by renting in Greenwood or other communities in northwest Brooklyn.
Nearby Neighborhoods to Set Up Office Space
Bay Ridge has been a suburban community since the 19th century, and its growth accelerated in the 20th century with the development of subway lines connecting Bay Ridge to Manhattan. Bay Ridge is not as affluent as other areas in nearby Brooklyn. It supports a Norwegian community as well as different cultures from Europe and the Middle East, and prominent features of Bay Ridge include Owl’s Head Park and the Fort Hamilton military base.
Gowanus is the earliest Dutch settlement in Brooklyn. It experienced a boom in the 19th century with the building of the Gowanus Canal. Gowanus is currently an affluent community, and income levels are rising. Reclamation of the formerly polluted Gowanus Canal site has prompted controversy and development.
Park Slope has experienced significant cultural and economic changes in its history. Historic buildings, such as the public library and Grand Prospect Hall, coexist with a relatively diverse community. Recent gentrification means that most residents are affluent. The city has struggled with crime and poverty in the past, but crime rates are currently low.
Red Hook is an established community in Brooklyn, with among the lowest crime rates and the highest property values in the nation. Properties in Red Hook are likely to be more sought after as the economy heats up. Red Hook offers an exceptional frontal view of the Statue of Liberty.
Call us and we’ll help you find Greenwood office space for lease.