Bronx, NY Economic Overview
Bronx is the northernmost of the five boroughs of New York City, with a land area of 42 square miles, located south of Westchester County, north and east of the island and borough of Manhattan, and north of the Queens. The Bronx is home to 1.46 million residents and has the third-highest population density of the five boroughs. The city is home to some of the most recognized attractions in the world, such as the Yankee Stadium.
The Bronx has experienced the fastest population growth out of NYC’s five boroughs, of 9.2% between 2004 and 2014. In 2014, the total private sector employment in the Bronx was 231,050, having grown 20.0% between 2004 and 2014—a faster rate than the City as a whole (18.7%). Health Care and Social Assistance drive the bulk of the Bronx’s economy, with over half of the jobs added in the past decade in this sector. The top five employers in the Bronx include hospitals and medical schools. This industry constitutes 39.4% of total private sector employment in the Bronx, more than twice the share found in the City overall (18.5%).
Bronx, NY Commercial Real Estate Market
The Bronx is home to world-famous attractions like the Bronx Zoo and the New York Botanical Garden. Roughly 19% of the Bronx’s 42 square miles is designated greenspace. Some of the City’s largest parks are located in the Bronx. At 2,766 acres, Pelham Bay Park is bigger than Central Park, Prospect Park, and Flushing Meadows combined. Situated among its vast greenspace and tourist attractions, its commercial appeal continues to increase. Between 2005 and 2015, Bronx office space inventory increased by 16.3% to 10.2 million square feet.
Prominent retail corridors in the Bronx include Fordham Road, Bay Plaza in Co-op City, The Hub, the Riverdale/Kingsbridge shopping center, and Bruckner Boulevard. Shops are also concentrated on streets aligned underneath elevated railroad lines, including Westchester Avenue, White Plains Road, Jerome Avenue, Southern Boulevard, and Broadway.
In recent years, developers and investors have turned to neighborhoods in the South Bronx like Mott Haven and Port Morris to convert warehouse and industrial buildings into loft office spaces, as an alternative to the pricey Brooklyn and Queens markets.
Mott Haven has been a recent hot spot for commercial developers, with the reconstruction of the infamous Bronx General Post Office. The Mott Haven office market is expected to gain a boost in demand from this brand new, commercial complex with a rooftop restaurant and ground-floor food market in between two floors of office space (roughly 50,000 square feet).
Port Morris has seen recent purchases of large, multi-story industrial buildings for the transformation into office space, particularly on 141 st Street at the intersection of the Bruckner Expressway. The Port Morris office market has been driven by cheaper prices and conveniently situated transit options to Manhattan, just 20 minutes away.
Employment in Bronx, NY
Overall, private sector employment in the Bronx has grown faster than the city average at 20.0%, with the fastest growth occurring in Accommodation and Food Services (53.9%), Transportation and Utilities (45.8%), and Arts, Entertainment, and Recreation (36.1%). The Bronx unemployment rate fell to its lowest number ever recorded in the modern era at 5.7% in March 2017, compared with the City average of 4.0%. Educational Services in the Bronx, which continues its legacy as the “Borough of Universities,” has experienced the largest increase in average real wages (21.8%) as a result of Bronx employment growth.
According to the Bureau of Labor Statistics, the industries in the New York statistical area with the highest employment numbers include:
- Education and Health Services—currently employs 2,031,000, growing at 3.4% per year
- Trade, Transport, and Utilities—currently employs 1,566,400, decreasing at -0.3% per year
- Professional & Business Services—currently employs 1,341,800, growing at 3.5% per year
Education in Bronx, NY
Education in the Bronx is provided by a large number of public and private institutions, many of which draw students who live beyond the Bronx. The New York City Department of Education manages public non-charter schools in the borough. There are also several public charter schools. Private schools range from élite independent schools to religiously affiliated schools run by the Roman Catholic Archdiocese of New York and Jewish organizations.
For higher education, several colleges and universities are located in the Bronx. These include Fordham University, founded in 1841, three campuses of the City University of New York, Manhattan College, and the College of Mount Saint Vincent. The Albert Einstein College of Medicine, in addition to having a reputation as a major biomedical and clinical research facility, is one of the borough’s largest employers, with over 3,000 employees. The National Institute of Health funds research centers at Einstein in a number of fields, including cancer, diabetes, AIDS, and aging.
Commuting Time in Bronx, NY
Nearly 42.0% of people who live in the Bronx also work in the borough, representing the lowest share of all five boroughs. This has contributed to a significant increase in traffic congestion here compared to the rest of NYC.
- The Bronx is served by six lines of the New York City Subway with 70 stations in the Bronx.
- Two Metro-North Railroad commuter rail lines (the Harlem Line and the Hudson Line) serve 11 stations in the Bronx.
- There are also many MTA Regional Bus Operations bus routes in the Bronx. This includes local and express routes as well as Bee-Line Bus System routes
- Thirteen bridges and three tunnels connect the Bronx to Manhattan, and three bridges connect the Bronx to Queens.
- For drivers, the Bronx street grid is irregular. Like the northernmost part of upper Manhattan, the West Bronx's hilly terrain leaves a relatively free-style street grid. The East Bronx is considerably flatter, and the street layout tends to be more regular.
- Three major north-south thoroughfares run between Manhattan and the Bronx: Third Avenue, Park Avenue, and Broadway. Other major north-south roads include the Grand Concourse, Jerome Avenue, Sedgwick Avenue, Webster Avenue, and White Plains Road. Major east-west thoroughfares include Mosholu Parkway, Gun Hill Road, Fordham Road, Pelham Parkway, and Tremont Avenue.
- The Bronx has also added 83.6 miles of bike lanes since 2007, bringing its total to 174.1.
At 43 minutes each way, employees in the Bronx have a much longer commute time than the national average of 24.8 minutes. The largest share of workers uses public transit, followed by those who drive alone and/or walk.
- Total Population1,460,252
- Male Population(47.0 %) 686,121
- Female Population(53.0 %) 774,131
- Median Age34.00
- Average Household Income$62,453
- Median Household Income$35,390
- Median Income Under 25$29,988
- Median Income 25-44$40,312
- Median Income 45-64$38,006
- Median Income Over 65$22,104
Residential Rents in Bronx, NY
The average rent for an apartment in the Bronx is $1,752, holding steady over the past year. The Bronx rental rates are comparatively cheaper than the other boroughs, such as Manhattan ($3,752/month), Brooklyn ($2,602/month), and Queens ($2,090/month).
Bronx, NY Average Rental Price, April 2019
- $ 1,694/mo
- 1 Bedroom: $ 1,694
Bronx, NY Rent Trends
NYC Commercial Real Estate Feel of 2017 – A PropertyShark Survey
February 03, 2017
Median rents held steady, though the 2016 commercial rental market was notably softened by the increase in concession packages. According to the Colliers 2016 4th quarter office report, concessions and tenant improvement allowances have almost doubled, since 2012. South Bronx is an up-and-coming...
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