Brisk Williamsburg Retail Leasing Sparks Tenant Experimentation, Further Growth
To compete for and cater to residents in what is one of Brooklyn's most expensive submarkets, new and existing
retailers are innovating their offerings outside of their traditional lane.
“People are always trying to come up with a new branding idea,” Garry Steinberg of Lee & Associates said “That’s what Williamsburg is about and it hasn’t changed.”
October 22, 2019 (NEW YORK, NY) - Retail flagship stores continue to spring up all over Williamsburg, Brooklyn. To compete for and cater to residents in what is one of Brooklyn’s most expensive submarkets, new and existing retailers are innovating their offerings outside of their traditional lane.
Williamsburg retail leasing has been resilient through the L-train shutdown that transitioned to a “slowdown” when New York Gov. Andrew Cuomo remixed the 18-month renovation. Uninhibited from further growth prospects, retail leasing is brisker than ever in the submarket, which is commonly known as the poster child for gentrifying, and “cool street” neighborhoods nationwide. And to this day, its big-name helped bring in the most sought after retailers.
The motivation for retailers to locate in big cities is that various markets have become more driven toward urban living over the past several years. From 2010 to 2015, the urban population growth rate went up 21%, wherein previous years the norm had been 10%, according to a recent report from Cushman & Wakefield titled Cool Streets of North America.
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