Why Choose The Bronx?

For those looking to open a business in New York City, the Bronx may seem an unlikely choice. During the 1970s and 1980s, the borough had a bad reputation that seemed to linger on, but much has changed since and the Bronx has transformed itself over the past 20 years. Today, fancy hotels, golf courses, and plenty of green spaces tell a different story about the borough: a story of revitalization and renaissance.

Business in the Bronx is Booming: Nowadays, not much is left of the Bronx's troubled past and in fact this borough is experiencing the fastest growth of all five boroughs in terms of new business creation, with a dramatic increase of more than 300 percent between 1991 and 2011. In total, the borough is home to some 75 tracts designated as opportunity zones, almost twice as many as Manhattan. What's more, the business support options are plentiful and include pro bono legal advice, state-sponsored incubators, all only 30 minutes away from Midtown.

The Bronx's Business Environment: The area appeals to first-time business owners and large companies alike. Some important companies based here include Global Energy Efficiency, which has made it to the list of top 10 fastest-growing firms in New York City, and there are also more than 65,000 businesses that fall within the micro to small business categories.

While it can't be said that tech startups are flocking to this borough in the way they're doing in Brooklyn or Queens, there is a burgeoning tech scene looking for Bronx coworking space, as well as companies in innovative sectors like game development, conservation, and e-commerce.

Commercial Real Estate: Finding Office Spaces in Bronx, NYC

The majority of office space is concentrated in the South Bronx area, where many local government offices are located. This is also where the Third Avenue Business Improvement District is found, which being the borough's largest and oldest commercial hub, is home to many established businesses occupying small office units. There is also a range of incubator space in the area, including venues like Bronx Business Bridge, Bronx Small Business Development Center at Lehman College, and Fordham Foundry.

How Much does Bronx Office Space Cost?: In total, there are approximately 12 million square feet of space in the borough, and average asking rates are $35 / square foot / year, although some reconverted units go for $25 / sq ft / year.

New Office Space Developments: Over the past decade, the market has been stable regarding new builds, although industrial-to-office redevelopment is picking up to suit the growth of the creative sector. One of the top projects being considered is the development of a large-scale mixed use complex in Concourse Yard, which could be the borough's equivalent to Manhattan's Hudson Yards. This could eventually result in the addition of 2 million square feet of space to the Bronx's inventory.

Market Outlook: The demand forecast for office space available in the Bronx shows the market is expected to grow by 1.5 million square feet by 2025. Growth (at least where demand is concerned and not so much in terms of new construction) is likely to be concentrated in South Bronx (and in particular Mott Haven and Port Morris), due to the large amounts of warehouse / industrial space available that lends itself to office conversions.

Rent Office Space in The Bronx, New York City

NY Offices has 2 commercial real estate listings for executive & shared workspace in The Bronx including: