Brooklyn Navy Yard Office Space for Rent
In recent years, the Brooklyn Navy Yard, located in northwest Brooklyn, has undergone a renaissance. While some of the Navy Yard’s historic dry docks remain, the area supports an increasing number of office buildings and commercial properties. The Navy Yard’s makeover presents a rare opportunity for businesses to rent space in newly constructed properties in prime locations that have not been available until now.
NYC has persevered despite pandemics, terrorism, and economic changes. Profit from the revival of a unique and vibrant part of the New York City landscape by locating your business in the Brooklyn Navy Yard. Brooklyn is an integral part of NYC, and the renewal of the Navy Yard is a crucial part of Brooklyn’s post-COVID future.
Brooklyn Navy Yard Office Space – Lease Data & Trends
As a testament to the potential of the Brooklyn Navy Yard, real estate firm JLL, a go-to for real estate trend analysis, has reached a $140 million deal with New York City to develop Building 77 within the Brooklyn Navy Yard.
Broadly speaking, real estate trends present a mixed picture for the NYC area in 2021. Employment is up year-over-year, but vacancies are up 18.3% (Source: Cush/Wake). Colliers reports that rents are 2.4% lower year over year. The Navy Yard likewise showed a decline in rent prices from $49.31 in Q2 2020 to $47.17 a year later. This change could reflect a return to work with a heavier reliance on remote work and other business activities through videoconferencing and other technologies. However, Colliers showed a sharp decline in availability from 44.2% in Q2 2020 to 37.8% a year later. This points to a revival in demand for office space.
In short, if you need office rental space in the NYC area, now is the time to capitalize on depressed markets due to work-from-home employment and the development of new properties. Act now before the revival of finance and tourism draws crowds back to the city, driving prices back up.
What Our Brokers Say About Brooklyn Navy Yard Office Space
Our brokers are enthusiastic about large-scale development projects, particularly the conversion of former dockyard space into luxury office and retail space. The emergence of new buildings on the market will satisfy demand initially, allowing us to offer office space at a reduced cost. As these new structures revitalize established neighborhoods in NYC, particularly Brooklyn and Manhattan, prices will rise in tandem with profitability, leading to a win-win scenario for residents, entrepreneurs, and property owners.
Top Commercial Buildings in Brooklyn Navy Yard
Building 77, built in 1942 but renovated in 2017, is a creative hub and hosts businesses and organizations, including Russ & Daughters, Pizza Yard, and the Brooklyn STEAM Center.
Building 127, built in 1904, has recently been renovated for industrial and manufacturing use. It provides space for design firms and other creative businesses that serve the Brooklyn and NYC areas.
Building 22 houses RLab, a VR lab facility that supports the US Green Building Council’s LEED lab and the NYU Tandon School of Engineering VR. Building 22 would be an excellent location for research and development or scientific projects.
Get to Know Brooklyn Navy Yard
Brooklyn Navy Yard was once a 300-acre US Navy facility containing dry docks and other support infrastructure for ships until its decommissioning in 1966. The waterfront area has recently become open to development, creating space for industrial and commercial office space.
Shopping abounds in the rejuvenated Brooklyn Navy Yard, including a Wegmans, Russ and Daughters, the boutique jewelry store Catbird, and a host of eateries featuring New York style-cuisine and tastes from around the world.
The Brooklyn Navy Yard adjoins Manhattan Bay and the East River. It lies across the water from Manhattan’s lower east side, not far from the historic South Street Seaport and Tribeca.
A new ferry terminal opened in 2019 at the Brooklyn Navy Yard as part of the NYC Ferry system. Along with the iconic Brooklyn Bridge and Williamsburg Bridge, it connects office space in northeast Brooklyn with lower Manhattan. The subway system likewise connects the Brooklyn Navy Yard with Manhattan and Queens.
Why Rent Office Space in Brooklyn Navy Yard?
Commercial office space in the Brooklyn Navy Yard is particularly desirable because of its proximity to affluent residential areas, new industrial parks, commercial centers, and historic areas in Brooklyn and Lower Manhattan. Development of this area is relatively recent, and a climate of economic uncertainty pushes rents down. Renting in the Brooklyn Navy Yard allows you to establish a presence in an up-and-coming part of NYC.
Nearby Neighborhoods to Set Up Office Space
Red Hook, Brooklyn, is historically significant as the site of Fort Defiance, from which Colonial forces shelled British ships during the American Revolutionary War. Today, Red Hook supports retail development, including a large IKEA. A ferry from Red Hook offers service to Manhattan.
Greenpoint, Brooklyn, has been a trade and manufacturing hub since the 19th century, with industries including petroleum and porcelain. The area has recovered from environmental incidents in the 20th century. Rezoning in the 21st century has led to increased development, leading to high-rise residential construction that has been, on occasion, a point of contention with the local public.
Across the East River, the Lower East Side has a rich historical tradition as a host to many immigrant properties. While it has undergone gentrification in recent years, offering some opportunities for high-end real estate, it retains its multicultural and dynamic character. Statistically, crime in the Lower East Side is lower than the city average.
Nearby, Tribeca is a culturally rich area with many hotels, opportunities for shopping, museums, and other attractions. Tribeca is famous for its art scene and loft housing, and it hosts several prestigious colleges. The area has low crime rates and an affluent, youthful population.
Most of northwest Brooklyn and other areas of NYC that adjoin Manhattan are highly prized. Call us today to find the perfect Brooklyn Navy Yard office space to suit your needs.