Skip to main content
  1. News
  2. Business & Finance
  3. Industry

Subsidized rents in tax-zone has not hurt other office spaces in Allentown

See also

In an effort to fill most of the office spaces developed in the Allentown Neighborhood Improvement Zone (NIZ), rents are subsidized with the tax money. The reduced rents will allow the office buildings in the downtown area tax-zone, to compete with the more affluent suburban parks.

When this was announced in 2010, many developers thought this would take business away from other sections in the city leasing office space in and around Allentown. This has not, however, proven to be the case.

In fact, many of the 30 developers in 2010 that were considering a lawsuit against the NIZ, have not only experienced a rise in rental rates, but also have many potential tenants waiting for vacancies and openings.

One of the reasons the market is not negatively effected is due many tenants pick office space based upon location and not which area has the lower prices.

Another reason is the Lehigh Valley commercial real estate market is growing; with many entrepreneurs being encouraged to have a more professional appearance and select office space. A fine example of this is the new Allentown incubator program.

Additionally, the growing downtown market with subsidized rents has not hurt the other areas of Allentown, because development is started after the tenant is already found and the lease agreement in place. Much of the new office development has tenants and is not looking to attract others from the rest of the office space leasing market.

Advertisement

News

  • Al Qaeda video surfaces
    A video of an Al Qaeda meeting surfaces, concealed identities are raising suspicions
    Video
    Watch Video
  • Boston Marathon
    Boston cops shut down Boylston street after finding suspicious, unattended backpacks
    Top News
  • Death penalty for hate crime?
    Actions by the anti-Semitic gunman are being condemned by the unlikeliest of groups
    Crime News
  • New York gun control
    As many as one million New Yorkers are ready to disregard the state's new gun laws
    Headlines
  • Korean ferry capsizes
    Hundreds of passengers are missing after a ferry sinks off the South Korean coast
    World News
  • NYPD ends surveillance on Muslims
    The NYPD will end surveillance programs against Muslims in their own communities
    Video
    Watch Video

Related Videos:

User login

Log in
Sign in with your email and password. Or reset your password.
Write for us
Interested in becoming an Examiner and sharing your experience and passion? We're always looking for quality writers. Find out more about Examiner.com and apply today!