H1 2024 Industrial Brooklyn Market Report
Market Overview for Brooklyn Industrial
- Total dollar volume was approximately $354M. This represents a 113% increase from H1 ʼ23 and a 35% decrease from H1 ʼ22.
- 50 industrial transactions exceeding $1M were recorded, up from 41 in H1 ʼ23.
- Average deal size was $7.1M.
- 72% of transactions were bought by users, 40% of who were first-time buyers.
Three Takeaways From H1 2024
- The Demand is Strong Among First-Time Buyers: The buyer profile consisted of 28% investors, 32% users that already owned in Brooklyn, and 40% first time buyers! Cooperation with brokers, exposure, and great marketing material are essential if you are looking to sell in today’s market.
- The Market is Heating up: Dollar volume is up over 100%, transactions are up 18%, and the average per square foot for warehouses is nearing all-time highs.
- Value to be Found in East Flatbush: East Flatbush recorded five transactions in 1H24. Additionally, located just west of East New York, East Flatbush has solid access to Queens and Manhattan via NY27. Most importantly, warehouses here trade at a ~25% discount compared to those in Sunset Park or Greenwood Heights. I expect transactional velocity to remain healthy in this pocket.
