OttoMets
Living Legend
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- Aug 28, 2011
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I'd like to have a better answer for this, but I don't.
My understanding is that part of the problem is a chicken-or-egg situation: Central New York's industrial building stock is badly dated, so it's difficult to get national firms to lease existing space; it's also difficult to get the space built, because nobody's leasing (at competitive rates at least).
We've got millions of square feet of vacant but fairly useless (by modern standards) space in the market -- think of the vacant General Motors and Magna/NPG complexes -- in pretty good locations. Unfortunately, they're in those locations for a reason and now present obstacles to redevelopment. I think FedEx or a developer did a good job building a new facility on a portion of the NPG property, but that's not a big building.
TLDR: the good sites are taken by bad buildings.
My understanding is that part of the problem is a chicken-or-egg situation: Central New York's industrial building stock is badly dated, so it's difficult to get national firms to lease existing space; it's also difficult to get the space built, because nobody's leasing (at competitive rates at least).
We've got millions of square feet of vacant but fairly useless (by modern standards) space in the market -- think of the vacant General Motors and Magna/NPG complexes -- in pretty good locations. Unfortunately, they're in those locations for a reason and now present obstacles to redevelopment. I think FedEx or a developer did a good job building a new facility on a portion of the NPG property, but that's not a big building.
TLDR: the good sites are taken by bad buildings.