The Numbers
This New York borough – the most populated of the five – has been busy lately. In 2014, Census data estimated that more than 2.6 million people call Brooklyn home. Statistics indicate that, if it were an independent city, it would rank the fourth most densely populated locale in the U.S.
The Pulse
Brooklyn is no longer hiding in Manhattan’s shadow in terms of culture and amenities: According to Geoff Bailey, a broker specializing in urban/street retail for SCG Retail, a division of The Shopping Center Group (Atlanta), cultural draws such as The Brooklyn Academy of Music, the newly refurbished Kings Theatre and mega entertainment complex Barclays Center (home to the NBA’s Brooklyn Nets and the NHL’s New York Islanders) have all had a hand in the borough’s growth.
“Interest in urban living has really taken off,” he says. “Brooklyn is not only retaining families, it’s attracting families back from the suburbs because of all the great amenities [it] has to offer.”
The Hotspots
Things are much different than they were five or 10 years ago, when hip neighborhoods like Williamsburg or Brooklyn Heights ruled the roost. Now, according to Bailey, the entire borough – from Park Slope to Flatbush – has become an attractive destination. Though Paul Travis, managing partner at Washington Square Partners (New York) and co-developer of the 1.8 million-square-foot mixed-use development City Point, says, “It’s all about ‘DoBro’ [Downtown Brooklyn]. The 24-hour, multi-use downtown neighborhood boasts new housing, retail, cultural activities, offices and a growing college demographic.”
Obstacles and Opportunities
As the cost of living in Manhattan skyrockets (median rent for a two-bedroom apartment is more than $3800) and city-dwellers opt for Brooklyn, some worry about the borough’s ability to meet the growing demand.
“The [area’s] zoning policy is not dynamic enough to keep pace,” Bailey says. “Many areas that are designated for old line manufacturing are not properly zoned to meet the demand for offices catering to TAMI (technology, advertising, media and information technology) tenants who are seeking more space throughout the borough.”
To solve this challenge, officials are calling for increased rezoning efforts. Crain’s New York Business reported on the rezoning change required to transform Brooklyn’s Industry City – a 32-acre, now-defunct manufacturing site – into what it calls a “hipster mega-project” in the form of a complex with retail space, a hotel and more.