The temperatures outside are beginning to warm slightly, but the industrial real estate markets in both Buffalo Niagara and the Greater Toronto Area (GTA) remain scorching hot.
Tight industrial markets with lowering availability and vacancy rates across the Golden Horseshoe make finding a suitable production facility an increasingly difficult task, a dynamic which is diametrically opposed to the market status of just fifteen years ago.
The CBRE|Buffalo team recently released its 2017 Buffalo MarketView reports to a lively crowd of real estate professionals, commercial real estate developers, economic developers, and municipal officials from across the region at Hotel Henry on the Richardson Olmsted Campus.
The middle of January is a time for getting back to normalcy. The hustle and bustle of the holidays and New Year’s celebrations are over. We settle back into the normal flow of work and recreation. Students at all levels return to regular schedules of school and extracurricular activities.
In September, my travels took me to Seattle where (outside of my investigatory work traversing Amazon’s HQ1 and urban campus) I participated in the Fall Forum hosted by the Site Selectors Guild, the premiere professional association of global site selectors.
Among the many factors economic developers must consider for future business development opportunities are changes in global market trends. Trends in technology, supply chain or production capacity rarely change overnight, but closely following target industries can assist economic developers anticipate and prepare for the deals of the future.
Invest Buffalo Niagara and our partners at Genesee County Economic Development Center (GCEDC) are working with many economic development, infrastructure, workforce, technology, and education partners to ensure the Western New York/Finger Lakes super region positions itself to be a leading site destination for semiconductor and nanotechnology expansion projects at the Western New York Science and Technology Advanced Manufacturing Park (WNY STAMP).
The team at GCEDC has already dedicated 11 years and over $50 million in planning and infrastructure development at the WNY STAMP Campus for critical site readiness initiatives, including site acquisition, environmental review, zoning and permitting considerations, and even archeological work. Our team has developed strong relationships with key contacts within the semiconductor sector through our participation at industry shows such as Semicon West and the Semiconductor Industry Association Annual Awards Dinner.
Know any commercial real estate professionals? We do. Just a few though. Oh, only a little over 300 of them.
Among the many benefits Invest Buffalo Niagara provides to the companies with whom we work is the ability to tap our vast network of local professional service providers, perhaps best evidenced when conducting a commercial real estate search.
The availability of suitable buildings/sites is one of the most important site location decision factors for companies considering an investment in our region. Invest Buffalo Niagara identifies, collects, and transmits commercial real estate data to our prospects by communicating with over 300 commercial realtors, real estate developers, building owners, and economic developers.
The process begins when the prospect provides information on the specific real estate specifications that are necessary for the business’s operation. An email, commonly called a “Site Broadcast,” is created and transmitted to our extensive network of commercial real estate professionals for consideration. Responses are received, organized, and transmitted to the prospect for review and Invest Buffalo Niagara staff communicates with those who submitted sites throughout the project lifecycle.
Additionally, those wishing to conduct a general search of available commercial real estate in the region can do so through Western New York ZoomProspector. The comprehensive database also provides demographic data through detailed community profiles, as well as local business search functionality.
Invest Buffalo Niagara is proud to have such a strong relationship with commercial real estate professionals across the eight counties of Western New York. Bill Heussler, president of the WNY Chapter of the New York State Commercial Association of Realtors (NYSCAR), was recently elected to serve on Invest Buffalo Niagara’s board of directors and InBN’s research manager Matthew Hubacher (yours truly) serves as our liaison to WNY NYSCAR’s board.
The close working relationships Invest Buffalo Niagara staff enjoys with commercial real estate professionals across the region is of great benefit not only to us, but to the numerous business attraction opportunities we assist in expanding their operations in Western New York.
Shovel Ready – In New York State shovel ready, refers to a site that is “certified” under the Build Now-NY Program. A certified shovel ready site is one where a developer and/or municipality has proactively worked with Empire State Development and undergone required zoning considerations, completed necessary environmental surveys and studies, received proper permits and installed utility infrastructure sufficient for the proposed development.
Economic resurgence abounds in the largest regional economy in New York outside of New York City: We see sustained job growth trending 3% above 2010 levels, a Gross Metro Product boost of over 7% since 2011 – outpacing peer regions such as Cleveland and Pittsburgh - and an increase of 7.5% in exports since 2010.
Last Thursday evening the CBRE|Buffalo team released its 2016 Buffalo MarketView reports to a jam-packed crowd of real estate professionals, economic developers and municipal officials from across Western New York at One Seneca Tower.
The Site Selectors Guild is an association of site selection consultants who provide location strategy advice to companies across a myriad of industries, sectors, and geographies. The Guild is comprised of 41-members, each of whom are peer-nominated, vetted, and demonstrate a significant amount of location advisory experience.
The Invest Buffalo Niagara team continued its outreach to local partners by visiting with Genesee County Economic Development Center (GCEDC) Vice President of Business Development Chris Suozzi, who provided an expert tour of the county’s available sites and buildings.