Williamsburg’s Proposal To Transform Office Space Market

Brooklyn’s revival in the past decade has been unprecedented, as more and more people move to New York’s largest, most populous borough that’s becoming known for being more than just Manhattan’s neighborhood – developing a culture of its own with a food and music scene unmatched by many other cities and becoming a home to everyone from financial professionals to artists and musicians. It’s becoming more then just a home to Manhattan-bound commuters – it’s gaining a business presence of its own as many small companies look across the rivers and bridges for lower rents in Jersey City, Queens and Brooklyn.

Office space in New York City has always been focused on Midtown Manhattan and the Financial District – but as new, younger companies have emerged looking for space in Soho, Chelsea and Flatiron; they have also begun to look to Brooklyn due to its extensive transportation system and young workforce with educational backgrounds in computer science, marketing and software development. As residential development has seen great increases in Williamsburg, Greenpoint and Bushwick; office space hasn’t been a priority for these neighborhoods.

A proposal by Two Trees Management Company hopes to change that, according to a report from DNAinfo. The proposal plans to transform the former Domino Sugar Plant Site – directly across the Williamsburg Bridge from Manhattan – into 631,000 square feet of prime waterfront office space, attempting to attract both high-end companies and lucrative, quickly growing startups to the neighborhood.

The plan for this new, prime office space is still in its earliest discussions – as government officials and residents debate the pros and cons of the new development. Some residents claim the office space would change Williamsburg’s residential and creative focus, while others claim a class A office space for companies is necessary to change Williamsburg from a commuter neighborhood into a city all its own. The goal is to keep businesses in Brooklyn, instead of having them move across the river into Manhattan or to operate out of their homes while using a Manhattan virtual office address for business. Time will tell if the development gets approved and is successful, but it’s an interesting development for one of NYC’s fastest growing neighborhoods.

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