Business Briefs, January 2007

January 2007

	Feature Story – Retention and Expansion: Regeneron Plans Consolidation into New Space at Landmark

	Feature Story: Empire State Games Hit Westchester in July 2007 – Sponsorship and Marketing Opportunities

	Economic Focus for 2007: Westchester Economic Outlook Remains Solid

	Special Feature: Tourism Booming in Westchester County

	Small Business Feature: Revolving Loan Fund Promotes Small Business Growth


	Resources for Businesses: Sign Up for Emergency Alerts


An aerial photograph of the Landmark at Eastview, home to Regeneron Pharmaceuticals, Inc.

	Feature Story – Retention and Expansion: Regeneron Plans Consolidation into New Space at Landmark Regeneron Pharmaceuticals Inc. moved forward with plans to establish a new corporate headquarters and research center at the Landmark at Eastview with the signing of a lease for 194,000 square feet of space in two of three new buildings. The County of Westchester Industrial Development Agency had already approved a preliminary inducement resolution in connection with the $78 million complex to be built in Greenburgh by BioMed Realty Trust Inc. of San Diego. “Regeneron is one of Westchester’s most accomplished biotechnology and research firms, and it says a lot that they decided to keep doing business here,” said County Executive Andy Spano. “The retention of their corporate headquarters will only accelerate the county’s economic development efforts and help others realize that New York is the place to grow a business.” Regeneron was founded in 1988 in Manhattan and relocated two years later with just four employees. Currently, the firm employs 440 workers at the Old Saw Mill River Road complex.

	Feature Story: Empire State Games Hit Westchester in July 2007 – Sponsorship and Marketing Opportunities The largest amateur athletic event (other than the Olympics) is coming to Westchester for the first time on July 25, 2007. More than 6,000 top athletes, bringing thousands of family members and friends from across New York State, are coming for four days and nights of multi-sport competitions at college campuses, parks, pools, athletic fields and facilities throughout Westchester. More than 30 sports competitions, held at over 20 venues, will run from July 25-29 and are expected to draw 20,000 attendees and generate up to $20 million in revenues – a summer bonanza for Westchester hotels, restaurants, businesses and tourist attractions. Opening ceremonies will take place at Kensico Dam Plaza, complete with dramatic lighting of the torch. Sponsorship and marketing opportunities abound for Westchester businesses, with extensive coverage by local television and New York media expected. For more information call 914- 864-7091 or visit www.empirestategameswestchester.com.

	Economic Focus for 2007: Westchester Economic Outlook Remains Solid A strengthening regional economy continues in the Lower Hudson Valley. Westchester County’s job sector remained solid with November 2006 unemployment figures coming in at 3.4%, down from last year’s 4.0%. The commercial real estate market continues to be strong as evidenced by the growing demand for office space and increasing rents. The county’s overall office vacancy rate at year-end ranged from 14% to 16%, and regional brokers project that space availability countywide will drop to 12% in 2007, with downtown White Plains dipping into the single digits. Salvatore J. Carrera, the county’s Director of the Office of Economic Development/Real Estate, predicts 2007 will be a robust year. “We’re going to reach the single digits earlier in 2007 than most people expect. The Westchester market will also continue to be strengthened by the upgrading of office stock and positively impacted by the escalating rents in Manhattan.”

	Special Feature: Tourism Booming in Westchester County New research shows that tourists are visiting Westchester in droves, boosting the county’s economy with an impact of over $1 billion a year. A 2006 “Tourism Economic Impact” study, released by the New York State Association of Convention and Visitors Bureaus and the Tourism Industry Coalition shows that Westchester represented nearly 60% of the Hudson Valley region’s tourism sales in 2005, with over $3.4 billion in visitor-driven expenditures. The county also represented the largest share in total direct visitor spending in the region, with over $1.9 billion, and nearly 46% of the tourism employment, with 16,946 direct tourism jobs. According to a recent survey by the Technical Assistance Center at SUNY Plattsburgh, commissioned by the Westchester County Office of Tourism, it is conservatively estimated that 1.6 million leisure travelers visited Westchester in 2005. The latest hotel occupancy data from Smith Travel Research indicated an 80% hotel occupancy rate in Westchester and Rockland counties in October 2006, a 4.2% increase over 2005. For more information, visit www.westchestertourism.com.

	Small Business Feature: Revolving Loan Fund Promotes Small Business Growth Promoting small business growth and economic development is an important part of Westchester County’s overall economic plan for the future and a reason why the Westchester/Rockland Revolving Loan Fund Program was established. The Fund allows the county to assist enterprising people at critical stages of development and expansion and provide financial assistance to small business customers who don’t qualify for conventional financing or meet a bank’s credit guidelines. Loans can range from $2,500 to $30,000 for purposes such as working capital, inventory and equipment. To request a brochure, call the Westchester County Office of Economic Development at (914)995-2988 or email djp2@westchestergov.com. For information about programs for small businesses, visit economic.westchestergov.com.

	Resources for Businesses: Sign Up for Emergency Alerts Westchester County wants to be able to contact local businesses in case of a major emergency, such as a hurricane, flood or even a terrorist event. Companies that sign up to be part of the emergency contact database can be notified, time permitting, via email and/or text messages to mobile devices. Sign up by going to www.westchestergov.com and clicking on the emergency banner at the top of the page. Your information will be kept confidential and would ONLY be used in a major emergency.

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©Copyright 2007 Westchester County Office of Economic Development. All rights reserved. Reproduction in whole or in part without permission is prohibited.