A consulting team from national real estate brokerage company Newmark Knight Frank will spend the next few months studying the Western New York market for industrial space, before making recommendations to local economic development professionals about how to solve the region's shortage of large manufacturing facilities.
Western New York's economic development agencies have been struggling for several years with a lack of adequate industrial space to meet the demands of potential companies looking to relocate or expand locally. The goal of the new study is to develop a strategy to address that by overcoming potential hurdles to new construction and site preparation.
At the invitation of Invest Buffalo Niagara, the trio from Newmark is currently making its first on-site visit to Buffalo this week, collecting data, interviewing various stakeholders, learning about policy issues, and touring some of the existing industrial properties. The review includes both sites and buildings in the eight-county area, with a special focus on Erie and Niagara counties as the region's core.
They will return later in the month for a second visit, before drawing conclusions to be presented in a final report and presentation from June 9-10.