{"id":1004449384,"date":"2020-05-20T12:10:04","date_gmt":"2020-05-20T20:10:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004449384"},"modified":"2021-05-17T02:18:52","modified_gmt":"2021-05-17T10:18:52","slug":"brooklyns-major-office-sales-totaled-80m-in-2019","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brooklyns-major-office-sales-totaled-80m-in-2019\/","title":{"rendered":"Brooklyn’s Major Office Sales Totaled $80M in 2019"},"content":{"rendered":"
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Brooklyn, New York City<\/p><\/div>\n

Two significant office sales hit the Brooklyn market in the first half of 2019, but none were recorded in the second half of the year. In the first quarter, a 61,200-square-foot space changed hands for $24.2 million, $395 per square foot. That was followed in the second quarter by a 150,000-square-foot property selling for $56 million, which equates to $373 per square foot.<\/p>\n

Activity was down in both quarters of the first half of 2019 compared to Q4 2018 and Q4 2017, which registered two sales each. In terms of the number of deals, no quarter has yet surpassed Q3 2015, when four transactions were recorded totaling $180.9 million.<\/p>\n

Sales volume in recent years peaked in the second quarter of 2017, which saw three sales totaling $524.5 million. More than 1 million square feet of office space changed hands, but the price per square feet reached a low of $189 during the quarter.<\/p>\n

The below graphs illustrate the fluctuations in sales volume between Q3 2015 and Q2 2019:<\/p>\n

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Data source: Yardi Matrix; Quarters not represented in the graphs registered no commercial transactions exceeding the $5M threshold.<\/p><\/div>\n

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Data source: Yardi Matrix; Quarters not represented in the graphs registered no commercial transactions exceeding the $5M threshold.<\/p><\/div>\n

In 2019, nine office properties were completed in Brooklyn, totaling more than 2.7 million square feet. These include:<\/p>\n