North Brooklyn's resurgence in residential, office, and retail development h
North Brooklyn's resurgence in residential, office, and retail development has transformed the area's industrial zones. With the conversion of older industrial stock to other uses, inventory of industrial space has decreased by around 6 million square feet in the past 10 years. This has occurred particularly along the Williamsburg and Greenpoint waterfront. For example, Brooklyn Navy Yard, a former ship building facility, and the Domino Sugar Factory have both been converted into mixed-use office space. Brooklyn is the most populated NYC borough, and the area also benefits from quick access to both LaGuardia and JFK airports.
Industrial occupiers vary greatly, as expected in a densely populated area within the largest metropolitan area in the US Industrial property has benefited from the growth of e-commerce and the need for logistics space in densely populated areas, as evidenced by FedEx's large presence here. Netflix is also one of the largest tenants in this part of Brooklyn, opening facilities here in 2019.
Despite a desirable location and strong fundamentals, new construction activity has been very light primarily due to land availability and the aforementioned conversion activity.
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