Tuesday, 21 September 2021 01:30 PM
Company Update
WESTCHESTER COUNTY, NY / ACCESSWIRE / September 21, 2021 / 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, who moderated the hour-long discussion. "We want to ensure we're well-positioned to seize new opportunities as we move forward with these growth sectors."
The panel featured Matthew Claster, Vice President of Strategy and Corporate Development, Clarapath, Hawthorne, N.Y.; Bridget Gibbons, Director of Economic Development, Westchester County, N.Y.; Guy Leibler, President, Simone Healthcare Development, Simone Development Companies, Bronx, N.Y.; Connie Levene, President, CONRI Services, Hawthorne, N.Y.; Serge Reda, Chair, Real Estate Development Curriculum Committee and Adjunct Professor, Fordham Real Estate Institute, New York City; Justin Singer, Partner, Feuerstein Kulick LLP, New York City; and Andrew S. Weisz, Executive Vice President, RPW Group Inc., Rye Brook.
Gibbons 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 and pointed to a Department of Labor report showing the metro area had the third-highest growth rate in the state, at 6.1 percent, comparing August 2021 with August 2020.
Clarapath, a medical robotics company in Hawthorne, recently expanded into Westchester.Claster cited aspects needed to support and encourage more innovation. "It comes down to incentives," Claster said. "The county has done a fabulous job with incentives - 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."
Fordham Professor Reda, who also works in the development division of Cedar Realty Trust, a publicly traded REIT, discussed retail and industrial real estate. "The rise of e-commerce, combined with Covid, has altered the retail and industrial real estate dynamic dramatically," Reda said, explaining how retailers have been moving to an omni-channeling strategy that pairs an online purchase with an in-store experience. "Industrial real estate has been functioning a little more like retail real estate, and Covid is accelerating the retail and industrial sectors blurring together. This trend will require an adjustment to many current zoning regulations."
Levene said Westchester County is well-positioned for companies like CONRI Services, which shifted its initial business model from printing to warehousing and distribution. "One of the great strengths of Westchester is its labor pool," Levene said. "Westchester has a highly qualified skilled and hourly labor pool, which I attribute to the quality of the educational systems. That competency has allowed us to grow significantly and add to the complexity our systems and the way we manage our business."
Leibler, of Simone, talked about how the health care sector will continue to evolve over the next decade. "Dealing with Covid-19 has made everyone smarter," Leibler said. "Health care and life sciences will merge, and research from the bench needs to get to the bedside. Health care will remain a very important component of our economy in Westchester. We need to support that, bring in labor - we've seen a tremendous amount of nursing and physician burnout. That needs to recognized and rebuilt."
Another emerging sector in Westchester is cannabis and Feuerstein Kulick's Singer 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, RPW Group's Weisz 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," said Weisz. "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."
A recording of the event is available here.
The Presenting Sponsor for "Reimagining Westchester: E-commerce, Distribution, Cannabis, Health, Biotech, Real Estate and Infrastructure to Support Future Growth" was Wells Fargo. Contributing sponsors included Westchester County, Rand Commercial, RM Friedland, Simone Development Companies and the Hudson Gateway Association of Realtors (HGAR).
About Fordham Real Estate Institute
Fordham Real Estate Institute offers a Master of Science in Real Estate, a Master of Science in Real Estate Development, Master of Science in Construction Management, a Bachelor of Science in Real Estate, and a comprehensive array of advanced certificates in real estate and construction at its campuses at Lincoln Center, London Centre and online. Serving professionals and owners/investors of all stripes, the MSRE curriculum presents the essential elements of real estate finance, investment, development and management. The programs are developed and taught by leading industry practitioners and are centered on imparting real-world professional skill sets. Flexibility and convenience are program hallmarks as classes can be taken in-person, online, and at various paces. REI is a part of Fordham's School of Professional and Continuing Studies. For more information, visit www.fordham.edu/realestate.
About The Business Council of Westchester
The Business Council of Westchester is the county's only business membership organization focusing on economic development and advocacy. It is the county's largest and most prestigious business membership organization representing more than 1,000 members, including multinational corporations, hospitals, universities, biotech pioneers, not-for-profits, entrepreneurs and companies of all sizes. As the most influential economic development and advocacy organization in Westchester, The Business Council of Westchester's members enjoy unparalleled access to today's top thought leaders, diverse business development opportunities and lawmakers at all levels of government. The BCW Data Exchange provides the latest demographic research to help guide smart business decisions. The LEAP program, a one-of-a-kind initiative, gives members direct access to lobbying efforts at the county, state and national levels on issues that directly affect their businesses. Build, Connect and Win with The Business Council of Westchester. Visit thebcw.org to connect today.
PHOTO CAPTION: The "Reimagining Westchester" panel Sept. 17, 2021 featured: (top row, from left) Dr. Marsha Gordon, President and CEO, The Business Council of Westchester; Serge Reda, Chair, Real Estate Development Curriculum Committee and Adjunct Professor, Fordham Real Estate Institute, New York City; Connie Levene, President, CONRI Services, Hawthorne, N.Y.; (middle row, from left) Guy Leibler, President, Simone Healthcare Development, Bronx, N.Y.; Matthew Claster, Vice President of Strategy and Corporate Development, Clarapath, Hawthorne, N.Y.; Justin Singer, Partner, Feuerstein Kulick LLP, New York City; (bottom row, from left) Andrew S. Weisz, Executive Vice President, RPW Group Inc., Rye Brook; and Bridget Gibbons, Director of Economic Development, Westchester County, N.Y.
Media Contact: Fordham University
Caryn McBride, Co-Communications Inc.
[email protected]
SOURCE: Fordham Real Estate Institute
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