Experts worldwide agree the biggest trends impacting commercial real estate are e-commerce, cannabis legalization, adaptive reuse and alternative
sectors such as biosciences. As the business hub of the Hudson Valley, Westchester County is poised to gain tremendous market share in these verticals—can
the infrastructure support it?
The Fordham Real Estate Institute and The Business Council of Westchester brought together top business and industry experts from the region Sept. 17
to “reimagine Westchester” as new sectors locate here, bringing opportunities for growth and expansion.
Hundreds of business professionals registered for “Reimagining Westchester: E-Commerce, Distribution, Cannabis, Health, Biotech, Real Estate and
Infrastructure to Support Future Growth,” a virtual panel of industry leaders who shared insights into market trends, how best to capitalize on these sectors
and what the developments mean for the county’s future.
“These innovative entrepreneurs and companies are helping reshape Westchester’s landscape and adding to our already robust and diverse business community,” said Dr. Marsha Gordon, president and CEO of The Business Council of Westchester. “We want to ensure we’re well-positioned to seize new opportunities as we move forward with these growth sectors.”
Bridget Gibbons, director of Economic Development for Westchester County, noted the resiliency of Westchester’s business community and cited some
of the innovative programs the county launched during the pandemic, including a $14 million grant to help companies recover. “Our Westchester businesses are so smart. It’s amazing how they have pivoted, adapted, used grant money and found other ways to keep their businesses going,” Gibbons said, pointing to a
Department of Labor report showing the metro area had the third-highest growth rate in the state, at 6.1%, comparing August 2021 to August 2020.
Clarapath, a medical robotics company in Hawthorne, recently expanded into Westchester. Matthew Claster, the company’s vice president of Strategy and Corporate Development, cited aspects needed to support and encourage more innovation. “It comes down to incentives,” Claster said. “The county has done a
fabulous job with incentive—opportunities for grants, recruitment support. A lot of people want these types of tenants—the sector is hot—but landlords need
to be prepared because we’re not traditional tenants. We require specialized space, power, ‘clean’ rooms – it’s a big endeavor. If landlords want to attract the
companies, they’ve got to put in the investment.”
Another emerging sector in Westchester is cannabis and Justin Singer, a partner with the law firm Feuerstein Kulick LLP, in New York City, noted opportunities for growth. “All eyes are on New York right now,” said Singer, referring to the recent passage of the Marijuana Regulation and Taxation Act that legalized recreational cannabis in New York. “This is poised to be a huge, multibillion-dollar market and there’s a ton of opportunity within Westchester
and a ton of interest from clients across the country who want to bring their brand and their operations to this area.”
In terms of Westchester’s office market, Andrew S. Weisz, executive vice president of RPW Group Inc., in Rye Brook noted county government and local
municipalities “embracing more diversified uses.” “We’ve seen Wegman’s open, Life Time [athletic resort] open, we see the growth of Regeneron Pharmaceuticals, and, lately, residential development,” he said.
“As importantly, we’ve seen a great influx of new families, young families, and a lot of these folks are looking to work closer to home. That’s who companies
are looking to hire – to retain and hire good talent, and also get employees back in the office. We’re bullish about Westchester and where we’re headed.”
(Submitted)
