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A Pespi-Cola sign appears on Long Island City, on the other side of the East River, across from Manhattan.AFP / Getty Images
It looks like Christmas is coming a month ahead of schedule for economic development officials in northern Virginia and New York. Many local residents and technology companies may not feel the same way.
According to the Wall Street Journal, Amazon has decided to introduce major new operations in Crystal City, Virginia, and in the Long Island City neighborhood of Queens. The decision will end a 14-month beauty pageant in which 238 cities across the US and Canada tried to convince the online retail giant that it was the right place to build a second retail complex. head offices for up to 50,000 workers.
An announcement could be made as early as Tuesday, says the Journal, citing anonymous sources. Amazon declined to comment Monday night.
The Seattle-based retailer's decision to split the "HQ2" into two – a strategy that emerged late in the decision-making process – might be wise if the job market remains tense. The technology unemployment rate was 2% nationally in August. In Long Island City and Crystal City, the company will be able to rely on deeper labor pools than in Seattle: the metropolitan area of New York City had 254,300 people in software and computer science in 2017, compared to 248,000 in the Washington area, according to commercial real estate company CBRE, respectively second and third in the country, behind the San Francisco Bay Area. Seattle ranks sixth with 145,100.
Amazon's expansion in these areas nevertheless seems likely to lead to the search for talent from companies already present. In South America, the arrival of Amazon could exacerbate staff shortages for defense companies, especially if it wins a $ 10 billion Pentagon contract for a cloud computing initiative called JEDI. Entrepreneurs and government agencies are already struggling to fill vacancies while the order book of about 600,000 people is waiting for security clearances. Amazon will need a large number of laid-off workers for JEDI, and it may well pull some of the defense technologies out of higher paying and less morally complicated civil works.
New York City and Washington, DC are expensive areas plagued by congestion and declining affordability. The arrival of Amazon does not help at all, but the company seems to have chosen pockets in metropolitan areas where there is room for growth. In Long Island City, Amazon will be relocating to a former industrial district where residential construction and factory conversion have experienced a surge, providing a relative glut of space. The Class A office vacancy rate is set at 17% in the second quarter, according to broker Cushman & Wakefield. Citigroup, the first major company to install in the neighborhood, will yield one million square feet by 2020 to the office. The tower has grown to One Court Square.
About 3,000 apartments have been completed in Long Island City in the first half of 2018 and an additional 3,300 are expected by 2020, the most residential building of any New York neighborhood, according to the localize.city real estate website.
"This decision would save many developers in the Long Island City neighborhood," said Jonathan Miller, president of real estate valuation firm Miller Samuel Inc., to Kathleen Howley, a Forbes collaborator. "This will relieve the glut of units already in the pipeline."
Crystal City also offers many office spaces, with a vacancy rate of 23.3% in the third quarter, according to CBRE, and aging office towers from the 1970s and 1980s, abandoned by the Department of Defense during the last decade. he closed down facilities and transferred staff to a new large building near Alexandria.
Long Island City's and Crystal City's commonality is that both countries have zoning rules that have allowed for the construction of taller buildings than in neighboring neighborhoods, as Jenny Schuetz of Brookings observed. giving Amazon the freedom to build the type of rise campus is set up in Seattle.
Amazon's rapid growth has strained its home city, where it employs around 40,000 people, up from 5,000 in 2010. Shortly before the announcement of the HQ2 research, the The company had grown to occupy 19% of Seattle's A-class offices, the highest proportion held by According to the Seattle Times, a unique venture in the 20 largest cities of the country. Amazon's growth has led to a construction boom in the city center, congested roads and rising house prices and rents, which has led to increased resentment.
In September 2017, Amazon issued a request for proposals regarding what its CEO, Jeff Bezos, said in a press release "would be quite up to our headquarters in Seattle." Among its criteria, she indicated that she was looking for a location close to a large population center and an international airport; 500,000 square feet of available space to start and the opportunity to build a campus of up to 8 million square feet; a diverse and educated population; a high quality of life; and many financial incentives funded by taxpayers.
In January, he announced 20 finalists, preselected by D.C. and northern Virginia, located nearby. Many observers felt that the capital region was a favorite, in part because landing there was seen as a way to strengthen Bezos' political influence, the size and reach of the city. 39, Amazon has urged greater control by the government.
Amazon may have finally chosen only two cities, but this may not be done with other competitors. It has, in one fell swoop, acquired a wealth of valuable, non-public information about the economic development plans of cities that it could use to select locations for data centers, distribution facilities, and data centers. research and development. And he knows how much these cities are willing to offer financial incentives.
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A Pespi-Cola sign appears on Long Island City, on the other side of the East River, across from Manhattan.AFP / Getty Images
It looks like Christmas is coming a month ahead of schedule for economic development officials in northern Virginia and New York. Many local residents and technology companies may not feel the same way.
According to the Wall Street Journal, Amazon has decided to introduce major new operations in Crystal City, Virginia, and in the Long Island City neighborhood of Queens. The decision will end a 14-month beauty pageant in which 238 cities across the US and Canada tried to convince the online retail giant that it was the right place to build a second retail complex. head offices that can accommodate up to 50,000 workers.
An announcement could be made as early as Tuesday, says the Journal, citing anonymous sources. Amazon declined to comment Monday night.
The Seattle-based retailer's decision to split the "HQ2" into two – a strategy that emerged late in the decision-making process – might be wise if the job market remains tense. The technology unemployment rate was 2% nationally in August. In Long Island City and Crystal City, the company will be able to rely on deeper labor pools than in Seattle: the metropolitan area of New York City had 254,300 people in software and computer science in 2017, compared to 248,000 in the Washington area, according to commercial real estate company CBRE, respectively second and third in the country, behind the San Francisco Bay Area. Seattle ranks sixth with 145,100.
Amazon's expansion in these areas nevertheless seems likely to lead to the search for talent from companies already present. In South America, the arrival of Amazon could exacerbate staff shortages for defense companies, especially if it wins a $ 10 billion Pentagon contract for a cloud computing initiative called JEDI. Entrepreneurs and government agencies are already struggling to fill vacancies while the order book of about 600,000 people is waiting for security clearances. Amazon will need a large number of laid-off workers for JEDI, and it may well pull some of the defense technologies out of higher paying and less morally complicated civil works.
New York City and Washington, DC are expensive areas plagued by congestion and declining affordability. The arrival of Amazon does not help at all, but the company seems to have chosen pockets in metropolitan areas where there is room for growth. In Long Island City, Amazon will be relocating to a former industrial district where residential construction and factory conversion have experienced a surge, providing a relative glut of space. The Class A office vacancy rate is set at 17% in the second quarter, according to broker Cushman & Wakefield. Citigroup, the first major company to install in the neighborhood, will yield one million square feet by 2020 to the office. The tower has grown to One Court Square.
About 3,000 apartments have been completed in Long Island City in the first half of 2018 and an additional 3,300 are expected by 2020, the most residential building of any New York neighborhood, according to the localize.city real estate website.
"This decision would save many developers in the Long Island City neighborhood," said Jonathan Miller, president of real estate valuation firm Miller Samuel Inc., to Kathleen Howley, a Forbes collaborator. "This will relieve the excess supply of units already underway."
Crystal City also offers many office spaces, with a vacancy rate of 23.3% in the third quarter, according to CBRE, and aging office towers from the 1970s and 1980s, abandoned by the Department of Defense during the last decade. he closed down facilities and transferred staff to a new large building near Alexandria.
Long Island City's and Crystal City's commonality is that both countries have zoning rules that have allowed for the construction of taller buildings than in neighboring neighborhoods, as Jenny Schuetz of Brookings observed. giving Amazon the freedom to build the type of rise campus is set up in Seattle.
Amazon's rapid growth has strained its home city, where it employs around 40,000 people, up from 5,000 in 2010. Shortly before the announcement of the HQ2 research, the The company had grown to occupy 19% of Seattle's A-class offices, the highest proportion held by According to the Seattle Times, a unique venture in the 20 largest cities of the country. Amazon's growth has led to a construction boom in the city center, congested roads and rising house prices and rents, which has led to increased resentment.
In September 2017, Amazon issued a request for proposals regarding what its CEO, Jeff Bezos, said in a press release "would be quite up to our headquarters in Seattle." Among its criteria, she indicated that she was looking for a location close to a large population center and an international airport; 500,000 square feet of available space to start and the opportunity to build a campus of up to 8 million square feet; a diverse and educated population; a high quality of life; and many financial incentives funded by taxpayers.
In January, he announced 20 finalists, preselected by D.C. and northern Virginia, located nearby. Many observers felt that the capital region was a favorite, in part because landing there was seen as a way to strengthen Bezos' political influence, the size and reach of the city. 39, Amazon has urged greater control by the government.
Amazon may have finally chosen only two cities, but this may not be done with other competitors. It has, in one fell swoop, acquired a wealth of valuable, non-public information about the economic development plans of cities that it could use to select locations for data centers, distribution facilities, and data centers. research and development. And he knows how much these cities are willing to offer financial incentives.
