NEW YORK CITY—In a clear sign of the times, CBREGroup used its third quarter briefing on Thursday to tellreporters about Brooklyn's retail and office markets from ETSY'sstill-under-construction headquarters in DUMBO Heights.
“Brooklyn's office market is expanding due to the concentrationof creative talent living in the borough as well as landlordsinvesting in the necessary capital improvements to make theirbuildings compelling for creative companies looking to relocateinto Brooklyn,” said Frederick Fackelmayer, SVPCBRE, who negotiated Etsy's 225,000-square-foot office lease atDUMBO Heights, Brooklyn's largest tech office deal on record.?
“The Midtown South creative base is running out of options,” headded. “Pricing is getting expensive and floorplates are becomingan issue.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
