"It's how we make space work," Deutsch says. "We take larger spaces and break them into 3,000 to 6,000 sf spaces. They have higher rents and are in higher demand."
Deutsch cites mostly "great word of mouth" as the driver behind 38 firms renewing, relocating or expanding at the site since the beginning of the year. That represents 422,300 sf of space. Another factor, he says, is a targeted advertising campaign.
The success of the site is fueling an expansion effort that could add as many as 800 jobs within the next three to five years and possibly bring retail such as a supermarket to the area, the BNYDC president adds. The site fits a niche for the small industrial and manufacturing companies. Deutsch points to Scott Jordan furniture as one firm that has expanded its space in the yard from 5,000 sf to its current 20,000 sf.
The expansion effort is part of an economic stimulus for the surrounding communities such as Flushing. Also, over the next five years, the city will provide $71 million from its capital budget targeted toward infrastructure improvements.
In May, the Department of Small Business Services' Workforce Development Corp. advertised for a workforce consultant to coordinate a hiring initiative with Steiner Studios and other film industry-related employers at the Navy Yard, which are also expected to bring hundreds of jobs to the area.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
