Downtown Syracuse has a lot of exciting developments occurring, specifically in the south end of the Central Business District. One example is 250 Harrison St, being developed by High Tide Capital. The property was formerly an office building and is now being converted to market rate apartments. Within the adjacent two blocks, the Tech Garden’s addition of two floors in nearing completion and a new STEAM School opens this September. The Tech Garden gives start up businesses a new collaborative space to call home, and the STEAM school will open opportunities for many students in the Syracuse area.

Overall in Downtown Syracuse class A office space is currently sitting at a 21% vacancy rate, according to the Downtown Committee’s reports. Class B offices are at a 9.59% vacancy and retail space sits at a 18.11% vacancy. Apartments in the Syracuse area are at 99% occupancy with more being built!

With the expectation of Micron developing in Clay, there are projections to bring a total to 40,000 new jobs to the community in total, which we anticipate would dramatically affect those vacancy numbers. The projected 20-year Micron development has a projected $100 billion investment.

Many exciting things are occurring both inside and outside of Downtown. The growth of all businesses, both small and large, create fantastic opportunities in the area.

Author: Payten Shirley, JF Real Estate Salesperson