TerraCRG, a commercial real estate brokerage firm in Brooklyn, has released its Q1 2023 Brooklyn Market Report. This report analyzes the borough’s dollar and transaction volume by asset class. The findings show that there were 245 commercial transactions totaling $1.054 billion in the first quarter of 2023. Residential development had the highest dollar volume at $294 million with 142 trades for multifamily and mixed-use buildings combined amounting to over $490 million. Retail transactions accounted for $106 million while industrial and office sales combined totaled 131 million dollars through 43 trades respectively during this period of time.
However, compared to fourth quarter 2022 results there was a significant decrease in total dollar volume as well as number of transactions; particularly concerning multifamily assets which saw a 73% drop in total dollar value along with 42% decline quarter over quarter when it comes to sales activity .
