1504 Coney Island Avenue under construction. Photo: Katie Yuen for the Commercial Observer.

Commercial space is booming in Midwood. Experts point to growth in diversity of the local population, coupled with the the desire of more business people wanting to stay local.

“[It’s] much the same way that all of Brooklyn is undergoing a resurgence and a realignment of all of the workforce,” explained Timothy King, the managing partner at the Brooklyn-based CPEX Real Estate, told Commercial Observer. “[Midwood] in particular is seeing a change in demographics. They have a booming population and a population that is fairly affluent. The notion that people want to work closer to home is driving [the development of] these office spaces. Plus you have transportation—they are all by subways.”

“As the local businesses started to flourish and do better there became two issues—you need bigger space, and people wanted a little bit of a nicer space,” Midwood resident Abraham Bergman, a co-founder and the managing partner of financing brokerage Eastern Union Funding, noted in Commercial Observer. “You wanted to have a reception area and an elevator coming up to your floor and windows to make it more airy.”

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