Manhattan has some serious competition from Brooklyn in the world of commercial real estate. Aggressive developments in the so-called Brooklyn Triangle, which includes DUMBO, Downtown Brooklyn (DoBro), and the Navy Yard are starting to yield fruit in the form of diverse commercial space for lease. Look no further than unicorns like Etsy taking modern, perk-filled expanses on Adams Street in DUMBO, or companies like advertising giant HUGE and dating app HowBoutWe continuing to hunker down under the bridges.
Beyond the triangle, neighborhoods like Greenpoint and Williamsburg, known for industrial space and vibrant residential life, are emerging as major players on the commercial scene as well. For companies in advertising and media, the synergies aren’t surprising. Large, open spaces. Exposed brick. The Northside Media Festival, billed as the baby SXSW. More supply hitting the market and favorable rents (compared to parts of Manhattan). The ingredients are set for an upstart commercial contender. Companies like Kickstarter, Bustle and unicorn VICE got the memo long ago. Who will be next?
Venturing to Brooklyn’s southern reaches, find Sunset Park, an historically diverse residential neighborhood now inviting some surprise commercial tenants to a resurgent Industry City. Time Inc. was impressed enough to forsake the convenience of Midtown Manhattan to take up residence as Sunset Park’s leading commercial tenant. Although the Brooklyn Nets might have something to say about that.
Even neighborhoods known to be reliably appealing residential destinations are getting startup fever. Park Slope, Fort Greene, and Gowanus are springing co-working spaces left and right.
So you see: something is happening in Brooklyn.
Will you be part of it?