There’s More To New York Than Manhattan.
Manhattan is a great location, but it may be becoming an unrealistic place for doing business. Many entrepreneurs are joining the trend to leave Manhattan and head for Buffalo. It’s expensive to live and do business in Manhattan. In 2016, Curbed New York reported that rental prices in New York City were at record highs. Zero Hedge also said that retail vacancies were skyrocketing. Buffalo, on the other hand, offers plenty of affordable office, retail and restaurant space as well as a buzzing location in which companies can grow.
In 2014, Buffalo’s 43 North developed a contest that offers startups as much as $1 million to relocate to the city. Many of the past winners claim that moving to Buffalo is the real prize. Winners also receive mentorship, marketing exposure, incubator space, networking connections, investment opportunities and freedom from state taxes. Thousands of applicants enter the contest every year. Since the program began, 29 startups have won the chance to make a move, and they’re thriving in the newly revitalized city.
Startups may benefit the most from the cooperative spirit that’s created among the winners. In the 43North incubator space, entrepreneurs can brainstorm and network. Buffalo Business First describes the power of the city’s business community. Throughout the year, Buffalo Business First recognizes local businesses with awards and honors. In January, the publication creates a comprehensive list of Western New York’s Most Admired Businesses. To make it onto the list, companies must exhibit growth, success and connection with the community. Many of the companies on the list support local organizations and give back to the city in a variety of ways.
Buffalo suffered an economic decline after it became de-industrialized. Residents and businesses followed the money, and many areas of Buffalo became wastelands. However, the area has not been forgotten. Governor Andrew M. Cuomo has championed projects to bring long-term change and economic growth to the city. In 2016, Buffalo ranked 103 out of 200 in Forbes’ list of The Best Places For Business And Careers. The downtown is becoming revitalized. New and old businesses are now successful neighbors. Historic buildings are being renovated to house the up-and-comers that are changing the area’s economic environment.
Ellicott Development is at the forefront of this transformation. The property management company has more than 40 years of experience owning, leasing and managing more than 2.5 million square feet of commercial real estate in Western New York and upstate Pennsylvania. Contact Ellicott Development to find out how you can take advantage of Buffalo’s booming business community.