Brooklyn Industrial Market Report

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Market Overview

Historically overshadowed by other asset types, industrial in NYC is having its moment with the rise of e-commerce and a supply that diminishes each year due to redevelopment and rezonings. In 2023, industrial was one of Brooklyn’s best-performing assets, with the average price per SF reaching a record high.

• Total dollar volume for the Brooklyn industrial market was approximately $280M.
• 61 industrial buildings above $1M traded in Brooklyn, with an average price per SF
  of $445.
  • Buildings that traded below $5M accounted for 72% of the total transaction volume and traded on average $462 per SF.
  • Buildings above $5M traded on average $408 per SF — 12% lower than the below $5M market.
• Users bought 84% of transactions.
• The average deal size was $4.6M.

 

 

Where Are The Transactions Happening?

 

• Sunset Park led all Brooklyn neighborhoods in transaction volume with 8 sales.
• Williamsburg led all Brooklyn neighborhoods in dollar volume accounting for just under $34M in sales, followed closely by Red Hook and Greenpoint.
• The biggest transaction of 2023 was in Canarsie and sold for $28M — an 88,000 SF warehouse with a 55-car parking lot.