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Posted: November 24, 2014
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.
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