Brooklyn, New York – now home to over 50 unique neighborhoods, 500 public schools, and 300 parks, all serviced by 18 subway lines and over 50 bus routes – is flush with infrastructure and transportation. As the sense of community, industry, commerce, education, and public and private investment continue to entice new residents, opportunities for development broaden.
Developable Land. In a city of this population density and popularity, it is advantageous that Brooklyn still provides land avail- able to develop from the ground up. In addition, with population projections exceeding housing expectations, we have already begun to see neighborhoods being rezoned for increased density.
Population Growth. Looking to the future, Brooklyn can conservatively expect an additional 335,000 residents by 2040. Brooklyn’s population has been growing roughly 37% faster than the rest of NYC combined. Given development restraints in Manhattan, that figure could increase significantly.
Supply & Demand. At a current average rate of 2.7 people per household, housing the projected additional population will require over 124,000 new units by 2040. Inventory, however, remains largely static, while population and economic development continue to push demand. Availability remains tight, with a citywide vacancy rate of just over 3%.
Economic Growth. Known for fostering the growth of local entrepreneurs and small businesses, Brooklyn has also caught the attention of the rapidly expanding technology sector, big-box retailers, and large corporations. Between 2001 and 2011, Brooklyn experienced a 24% increase in jobs, positively impacting the economy by approximately $3.1 billion. The office market has expanded to 1.7 million square feet and continues to grow.
These prominent indicators demonstrate the wealth of opportunity in the Brooklyn real estate market, a market that affords investment across all uses, asset classes, and risk tolerances.
