realestate

Brooklyn and Queens' largest commercial lease deals of the year revealed

Forgotten Office Markets: Brooklyn and Queens Attract Government Agencies and Smaller Tenants

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rooklyn and Queens often fly under the radar as office markets in New York City, overshadowed by more prominent areas like Midtown and Hudson Yards. While these outer boroughs attract smaller businesses and government agencies, they haven't seen a surge in interest from major tenants despite lower rent costs. The recent uptick in Midtown leasing hasn't yet trickled down to Brooklyn and Queens.

    Office leasing in Brooklyn is 29% below its five-year average, marking the seventh consecutive quarter it has fallen short of that mark, according to CBRE data. Here are some notable office leases in the area:

    LaGuardia College secured a ten-year lease extension at the Queens Atrium, where it's been based for 15 years.

    Jomashop expanded its lease by 79,340 square feet in the Brooklyn Army Terminal, increasing its space to 186,340 square feet.

    Piece of Cake Moving and Storage signed a lease at 33-02 Skillman Avenue in Queens, paying just $24 per square foot.

    Lafayette 148 expanded its lease by 67,552 square feet in the Brooklyn Navy Yard, where it's been building out its headquarters since 2017.

    The Pratt Institute relocated its graduate fine arts and photography facilities to the Brooklyn Navy Yard, signing a 62,570-square-foot lease for the third floor of a 16-story building.

Large commercial leases in Brooklyn and Queens, New York City's boroughs, announced.