Civic News
Brooklyn / Real estate

Could Bushwick really compete with Manhattan for office space?

Office space in Brooklyn increased by 3.5 million square feet this year, according to a report by Crain's. And that number is expected to grow significantly in the next five years.

Bushwick, June 2014. (Photo by Brady Dale)

One thing that’s super important for young companies is affordable office space. This is one of the reasons why there’s a Brooklyn tech scene at all: more and cheaper space exists here, compared to Manhattan, that is.
But as Dumbo and Williamsburg have become more expensive, more and more tech companies are moving farther and farther away from Manhattan into Brooklyn. Is Bushwick next?
A big recent addition was CartoDB, which opened a new office on Moore St. this fall. Others abound, the old Pfizer building is home to tons of food startups and small businesses, including the zero-waste fish and herb farm, VertiCulture.
Crain’s reported earlier this week that the rush to Bushwick is unlikely to wane:

At least four big builders have rushed into the neighborhood in recent months and are now in various stages of converting former industrial properties into about 750,000 square feet of office space for the city’s expanding tech and creative industries.

After a long drought, the supply of office space in Brooklyn is rapidly expanding, according to real estate services firm Cushman & Wakefield. There are about 27 million square feet available in the borough today, up 3.5 million since last year. Much of it has been added by transforming old industrial properties in neighborhoods such as Dumbo, Sunset Park, Gowanus, Red Hook, downtown Brooklyn and Williamsburg. Cushman expects an additional 9.5 million square feet to hit the market in the next five years.

The full article is worth a read. And, if you’re on the already delayed-plagued L train, you have plenty of time for that.
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Series: Brooklyn

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