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Business in Queens

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Queens, is a borough of New York City with well over two million residents, which continues to enjoy the second largest economy of the five New York Boroughs.

Main Economic Drivers In Queens

Queens boasts the most diversified economy in NYC, with no single dominant industry. One of the key drivers of the economy in Queens economy is the airline industry, which shows persistent growth year on year. Health and social care, busines services and  retail trade continue to boost the economy.

Like the other four boroughs of New York City, has benefited significantly from the Start-Up NY program. Thanks to the availability of state resources to technology and medical start-ups, Queens has seen a sharp rise in the number of new entrepreneurs who have come into the area.

Major Industries And Employers In Queens

While the transportation industries spur the economic growth in Queens, the two main types of employers are healthcare and financial firms. Insurance and commercial finance are the two primary subcategories of the finance industry in Queens.

The insurance industry grows as a direct result of the needs of the various transportation companies that work on the docks. The finance companies thrive on facilitating trade between companies in the United States and companies throughout the world. Very little of the trade that happens in Queens could happen without the huge commercial finance operations in the downtown Queens area.

Business Funding Opportunities In Queens

The main source of funding information for Queens businesses would be the Queens Economic Development Corporation, also known as the QEDC. This is an organization that helps to facilitate funding for start-ups through local investors, local banks, the New York State Start-Up NY program and other New York City funding options.

The QEDC is a comprehensive resource for entrepreneurs and business owners considering a move to Queens. The organization can not only help bridge the gap on financing, but it also offers resources for training and hosts networking events for local professionals.

Average Cost Of Office Space In Queens

Average rates for office space situated in Queens varies from Class B office suites at $25 per square foot to Class C office accommodation costing $23 per square feet

A good proportion of the new businesses in Queens are taking advantage of the office and development space being offered by the Start-Up NY program. An interesting aspect of office space pricing in Queens is that much of both the premium and low cost office space is situated on the same road. Jamaica Avenue in Queens has office space that ranges from $12 per square foot, all the way up to $34 per square foot.

More information on office space availability can be found here.

Further reading: New York City’s Central Business Districts







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