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City Works to Retain, Attract Businesses Step by Step

NEW YORK CITY-Financial services are still at the heart of the city's business sector, although professional services, life sciences and media and entertainment are other core areas, according to Daniel Doctoroff, Deputy Mayor for Economic Development and Rebuilding.

By Melissa Kress | Updated on October 01, 2003

NEW YORK CITY-Filling office space is a complicated issue, but Mayor Michael Bloomberg’s administration has taken steps to do just that over the last 21 months. It has not always been an easy task since today the city is not only competing with other US cities for businesses, but the international community as well.

Speaking at the Banc of America Securities NYC Office Conference yesterday, Daniel Doctoroff, Deputy Mayor for Economic Development and Rebuilding, outlined six approaches the city is using to retain and attract business to the local office market. First, he said, it is critical to look at businesses like “value-added, job-creating, tax-paying clients.” To this end, the Economic Development Corp. has been reorganized as a one-stop shop for all government/business transactions. And it helps to go the extra mile. For example, during the blackout on Aug. 14, the city called 500 of the largest companies in the city and asked if they needed anything, Doctoroff pointed out.

In its mission, the city is also recognizing its strengths and weaknesses. “You have to be brutally honest about what you are good at and what you are not good at,” he said. The city lacks an abundance of land so it would not be feasible to try to attract manufacturing companies which would need to build plants. On the other hand, he added, the city is targeting industries that depend heavily on intellectual capital such as the life sciences, professional services, media and entertainment and–of course–financial services.

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