search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlordsHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal
New York

Industrial tenants head to the Bronx

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.

Sign Up for the undefined Newsletter

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]

Tags
The Bronx