Action Plan: Working

Purpose

To develop a collaborative and consistent approach to business development and retention in the Downtown area. Also to understand the role that Downtown plays in the local and regional economy through analysis and data collection; and understand the current business climate in the Downtown area using quantifiable factors such as size of workforce, occupancy rate, corporate expansion and longevity rates, and availability of product by type.

Context

Downtown Buffalo is the historic center of commerce in WNY. Being located in Downtown Buffalo offers many advantages to businesses. Downtown has a large concentration of Class “A” office space, and is still the preferred “front door” address for many businesses. Government, banking and business and legal services dominate the current landscape in Downtown.

Other important industries include restaurants and entertainment services. These and other businesses benefit from proximity to clients, other businesses, ease of regional access, and a central location for employees. Issues that deter movement into Downtown or cause flight include perceived and real problems regarding parking, outdated floorplate configurations, perceived suburban cost advantage, security, etc.

For the Downtown worker, advantages include availability of services and events such as restaurants, dry cleaners, Farmer’s Market, Thursday at the Square, etc. Downtown is a popular place to work, but the demands for traditional retail and inexpensive parking are issues that have to be addressed.

Finally, the interdependence between the state of the economy in Downtown and the region as a whole cannot be understated. While there may have been a dispersion of economic activity into the rest of the region, the symbolic nature of the state of Downtown affects the entire regions’ ability to attract national business growth.

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