Condren of CPEX Real Estate discusses retail leasing trends in Brooklyn

Name: Ryan Condren Title: Managing Director Company/Firm: CPEX Real Estate Year Founded: 2008 Years in real estate industry: 8 Telephone: (718) 687-4212 Email: [email protected] Twitter: @cpexrealestate Real Estate Associations/Affiliations: New York State Real Estate Sales License Real Estate Board of New York Brooklyn Chamber of Commerce International Council of Shopping Centers Brooklyn Chambers Real Estate and Development Committee The Retail Network What trends are you seeing in leasing? Retail in Brooklyn has now achieved notoriety on a global stage, as international retailers have started joining local, regional and national tenants in the borough. As noted in the CPEX 2014 Brooklyn Retail Report, we found 88 noteworthy retail corridors this year, nearly double the 45 major retail thoroughfares in our 2009 retail study. Over the past five years, nine corridors have undergone a 100% increase in average rental rates, all of which are located north of Prospect Park. Our 2015 Brooklyn Retail Report should jump to approximately 125 significant retail arteries, as retail rents continue to rise and Brooklyn retail expands to new neighborhoods and side streets. Just as Crown Heights and Bushwick burst onto the retail scene this past year, look for Sunset Park and Prospect Lefferts Garden to follow suit in the coming months.