129 Storefronts in DUMBO Area; Vacancy at 10.2%

DUMBO — “The Brooklyn retail market has accelerated this year, trending upward in both price and velocity,” said Chris Havens of the Creative Real Estate Group.

Havens reports that in what he calls the Greater DUMBO Area — Fulton Ferry Landing, DUMBO and Vinegar Hill — there are 129 storefronts with 309,000 square feet currently utilized as retail, restaurant, office and studio space.

Spaces range from 50 square feet to 6,000 square feet, with most availability above 3,000 square feet, according to Havens’ report.

“Demand for stores under 1,000 square feet exceeds supply by a wide margin. Yet larger sizes languish,” he said. “Bars, food tenants, restaurants, home goods and apparel comprise much of the demand.

“DUMBO nightlife is growing, with the addition of Rebar, the expansion of the 68 Jay bar and the increased tourist traffic. However, the area doesn’t yet compare to Smith Street or Fifth Avenue.”

Vacancy Rate

The area-wide vacancy rate is 10.2 percent, with 10 storefronts currently available, seven of them sized 3,000 square feet and above.

“All but one of these large spaces are on Old Fulton Street or in Vinegar Hill, not the center of DUMBO,” he said. “The one large space (6,600 square feet) between the bridges at 81 Front St., is now leased after receiving multiple offers this fall.”

Asking Rents

Asking rents in the Greater DUMBO area range from $40 to $75 per foot, based on size and location, according to Havens’ report. The high end of the range is for spaces under 1,000 square feet.

Recent rents include last year’s relocation of PS Books from 147 Front St. into 2,138 square feet at 76 Front for $37 a foot, and One Girl Cookies taking 1,457 square feet at One Main St. for $42 a foot.

“Spaces that may become available in 2012 that are under 2,000 square feet on prime streets — like Front, Washington and Jay streets — will be worth a minimum of $60 a foot,” Havens said.

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Filed under DUMBO, Real Estate, Retail

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