Bronx, NY - Office Market Overview
The Bronx real estate market includes the Concourse, Kingsbridge, and Mott Haven commercial real estate submarkets. With a population of about 1.5 million, the Bronx is one of the larger boroughs of New York City, where over 14.4 million people reside. Demand for office space in the Bronx is generated by a wide variety of business and industries.
As of mid-2017, Bronx office market contains five office and mixed-use properties larger than 50,000 square feet. The commercial real estate market in the Bronx is largely driven by the retail sector, along with companies seeking alternative office space to the much more expensive Manhattan commercial real estate market.
Bronx, NY - Office Inventory Description
The Bronx borough encompasses all of Bronx County, and includes affluent middle- and upper-income neighborhoods such as Pelham Bay, Pelham Gardens, Morris Park, and Country Club. As part of the New York City metropolitan area, the Bronx contributes to the region's massive $1.2 trillion in gross annual metropolitan product.
Some of the larger, investment-grade mixed-use and office buildings in Bronx include the 224 Outlook Ave and 226 Outlook Ave office properties, the 1110 Oakpoint Avenue mixed-use project in Port Morris, and the office building at 371 East 149th Street in the Melrose commercial real estate submarket of Bronx.
Bronx, NY - Green Office Space
The National Green Building Adoption Index report for 2017 surveyed the top 30 office markets in the U.S. to measure the growth of energy-efficient office space. The report noted that, since 2005, the overall percentage in these top markets of green, Energy Star, and LEED-certified office space has increased about seven-fold. While in 2005 the percentage was below 5%, over the past 12 years the share of green office space in buildings larger than 50,000 square feet has skyrocketed to about 38%.
While the amount of green office space in the Bronx doesn't place the borough as a top 30 market, there are some great examples of LEED-certified office buildings in the borough. Fordham Place is a LEED Gold certified office building in the Bronx. With nearly 275,000 square feet of Class A green office space, this property received high LEED scorecard ratings for energy & atmosphere, materials & resources, and innovation in design.
Another great example are the thrift store and community services offices in the LEED-certified building at 402 E. 152nd Street. This LEED-certified Bronx office building has over 17,000 square feet of energy-efficient office space and received high scorecard ratings for indoor environmental quality and innovation in design.
Bronx, NY's Top Office-Using Sectors
The Bronx commercial real estate market sees consistent demand from the top office-using sectors of healthcare, business start-ups, real estate, and education.
- Healthcare – Firms such as CenterLight Healthcare and Centers Health Care Companies consistently generate demand for white collar office employment in Bronx.
- Business Start-Ups – Global Energy Efficiency, Propel Bikes, and SpotPog are just a few of the technology-based business start-ups that help drive the commercial real estate market in the Bronx.
- Real Estate – In addition to helping tenants find space, companies such as Keller Williams Realty NYC Bronx, Besmatch Real Estate, and NY Future Homes Realty create a need for white collar office space in Bronx.
- Education – Fordham University and Lehman College are two of the most notable institutions in this top office-using sector.
- 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
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...