The Real Deal New York

Industrial tenants head to the Bronx

April 16, 2012 02:00PM

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John Reinertsen of CBRE Group

Low rents, easier transportation access and a large supply of low-wage workers for adding jobs have contributed to a trend of industrial tenants signing leases in the Bronx, Crain’s reported. The recent moves have even gained support from the city, who is asking industrial tenants in Manhattan and Queens to go to the Bronx and asking those that have already moved there to stay put.

Beyond the Hunts Point Produce Market, which will remain in the Bronx, and Fresh Direct, there are new tenants popping up around the borough. They include Dufour Pastry Kitchens, which is a bakery, and Smith Electric Vehicles, which assembles clean technology trucks.

The average asking rent in the Bronx is $150 per square foot, Crain’s said.

“Leasing prices are where they were four years ago,” John Reinertsen, an industrial broker with CBRE Group, toldCrain’s. “Interest rates are low, and the city has been aggressive in making incentives available for companies willing to grow their workforce.” [Crain’s]

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