TerraCRG, a commercial real estate brokerage firm in Brooklyn, has released its Q1 2023 Brooklyn Market Report. The report analyzes the borough’s dollar and transaction volume by asset class and found a total of 245 commercial transactions amounting to $1.054 billion in the first quarter of 2023. Residential development was the asset class with highest dollar volume totaling $294 million while multifamily and mixed-use building sales combined had 142 trades totaling over $490 million. Retail transactions accounted for $106 million of total sales while industrial and office sales combined had 43 trades totaling at least 131 million dollars.
However, there was a significant drop in both total dollar volume as well as number of transactions compared to fourth quarter 2022; particularly for multifamily assets which saw 73% decrease in total dollar volume & 42% drop in sales on quarterly basis respectively
