Downtown Syracuse has a lot of exciting developments occurring and each district within the Central Business District has its own exciting progress. For example, in the convention district, in the south end of the Central Business District, 250 Harrison St is being redeveloped by High Tide Capital, a historic development company from Maine. The property was formerly an office building and is now being converted to 35 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 Science, Tech, Engineering, Arts and Math opportunities for many students in the Syracuse area.

Overall in Downtown Syracuse class A office space has a 21% vacancy rate according to the Downtown Committee’s reports. Class B offices are just under 10% vacancy and retail space sits at 18% 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