Q&A
Commercial space demand for the Brooklyn Yards project
0:31:34
·
105 sec
Council Member Kevin C. Riley inquires about market research conducted to determine local demand for commercial space in the Brooklyn Yards project. Ken Fisher from Cozen O'Connor explains the developers' approach to assessing commercial space needs.
- No formal study conducted, but developers have extensive local knowledge and connections
- Anticipate demand for small office spaces, especially post-pandemic, for people wanting to work close to home
- Expect interest from professionals and small businesses not wanting to commute to central business districts
- Potential demand for institutional spaces like schools and catering facilities
- Commercial space seen as a viable solution that doesn't burden the neighborhood in the same way as additional housing
Kevin C. Riley
0:31:34
Did you conduct market research to determine local demand for commercial space?
0:31:39
And if so, how was the resource conducted and what were the findings?
Ken Fisher
0:31:45
Ken Fisher, I don't think there's been any kind of formal study, but the developers live in the community.
0:31:54
They work in the community.
0:31:57
They are speaking on an almost daily basis with brokers, but they also know what the needs of their own selves, their families, their their friends are.
0:32:06
There's very little commercial office space in the in the area.
0:32:10
We think particularly after the pandemic, there's going to be an interest in people who want to be able to walk to work.
0:32:17
They don't wanna necessarily commute into the city as we see in other places.
0:32:22
This is also an area that has unusually high demand for institutional space, schools, catering facilities, places study and the like.
0:32:36
So we think there may be some demand there, but that's not who it's being designed and marketed for.
0:32:41
It's intended for small users, professionals, business people who want to work some place out of their houses.
0:32:49
But don't necessarily want to commute to the Central Business Districts.
0:32:52
They're pretty confident about it.
0:32:54
Originally, we had plans to do additional housing on that block, and they decided to move towards a office solution, one because of the of of the demand.
0:33:10
Also, it it it doesn't burden the the neighborhood in quite the same ways.
0:33:14
But the principal thing was that they think that this is a commercially viable solution.
