Year-end leasing activity totaled 1.33 million sq. ft., a 12% increase from the prior year.
The TAMI sector continued to be a market driver throughout Brooklyn, accounting for 33% of annual leasing activity. Government sector accounted for the second largest share, at 25%.
Availability declined 20 basis points (bps) quarter-over-quarter, to the current 18.0%.
CIM Group purchased 16 Court Street, a 38-story building with over 300,000 sq. ft. of office space, from SL Green Realty Corp. for $171 million.
Steiner NYC LLC filed plans to expand its development at the Brooklyn Navy Yard with a new nine-story building. The property, at 399 Sands Street, will provide a mix of above-ground parking, light industrial and creative office space.