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Hq2 Impact Research & Analysis Long Island City–Nyc HQ2 IMPACT RESEARCH & ANALYSIS LONG ISLAND CITY–NYC AMAZON BACKGROUND In 1994, Jeff Bezos started Amazon in Seattle, WA, as an Amazon’s U.S. commercial real estate footprint has grown online bookstore out of his garage, delivering books by 1,200% over the past decade and has transformed the himself. Time magazine named Bezos the “Person of company into one of the largest and fastest-growing holders the Year” in 1999 when it recognized the company’s of commercial property in the nation. At its current growth success in popularizing online shopping. After the Great pace, Amazon will control more than one square foot of Recession Amazon began to show its potential, attracting distribution space for every adult U.S. shopper by 2022. 615 million annual visitors to its website, while employing 17,000 people with real estate holdings encompassing The online retailer’s headquarters is located in the South 12 million square feet in 2008. Amazon has evolved into Lake Union neighborhood of Seattle, dubbed “Amazonia,” the largest Internet retailer in the world as measured by which encompasses over 8.1 million square feet of space revenue and market capitalization, surpassing $1.0 trillion in 33 buildings and houses over 45,000 employees. in value last September. Amazon drove unprecedented job growth in Seattle, completely revitalized neighborhoods around its campus, Today, the world’s largest retailer employs over 575,000 full- sparked an urban residential development boom and and part-time workers and controls more than 158 million created a talent pool that helped convince other tech square feet of leased and owned office, industrial, and companies such as Facebook, Google, Go Daddy, and retail property in the United States. Amazon encompasses Twitter to open satellite offices there. However, Amazon’s more than 40 subsidiaries, including a thriving web services rapid growth has also strained Seattle’s housing market, business, the Whole Foods grocery chain, and numerous contributed to growing traffic congestion, and placed online retail outposts like the home security retailer Ring. pressure on its public transportation system. com and shoe seller Zappos.com. AMAZON BY THE NUMBERS $177.8B 575,000 158M SF 1,200% 8.1M SF TOTAL ANNUAL FULL- AND PART-TIME LEASED AND OWNED 10 YEAR GROWTH OF IN 33 BUILDINGS AT REVENUE (2017) EMPLOYEES REAL ESTATE REAL ESTATE FOOTPRINT SEATTLE HQ HQ2 | LONG ISLAND CITY–NYC HQ2 IMPACT RESEARCH & ANALYSIS LONG ISLAND CITY–NYC HQ2 SEARCH FOR TALENT, TECHNOLOGY, AND TRANSIT On September 7, 2017, Amazon issued an unexpected and The city that was able to address Amazon’s transportation unusual seven-page request for proposal (RFP) from cities and housing concerns would have the best chance at vying to be the home of company’s second headquarters becoming the site of its HQ2. (HQ2). The size and scope of the area Amazon selected would be a full equal of its Seattle footprint in 10 to 15 years Details on a potential winner began to emerge in early with the promise of a $5 billion economic investment November when The Washington Post reported the Crystal and creation of 50,000 high-paying jobs. Amazon was City neighborhood of Arlington was a possible site and seeking a metropolitan area with a significant population The Wall Street Journal broadened the field of contenders center that had a stable and consistent business climate, to include the Long Island City neighborhood in New York access to public transportation, with the potential to attract City’s Queens borough, in addition to Crystal City and Dallas. and retain strong technical talent. On November 13, 2018, Amazon announced New York The contest to become Amazon’s HQ2 began with 238 cities City and Arlington, Virginia, as the locations for its new scrambling to compete for the biggest economic jackpot headquarters, essentially splitting the $5 billion economic in a lifetime. Competing proposals included multibillion- investment and 50,000 jobs between the two. The new dollar tax incentives, pledges to fund construction on locations would join Seattle as the company’s three groundbreaking transit systems, initiate new education headquarters in North America. “These two locations will programs, and to modernize technological infrastructures. allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” said In January 2018, Amazon eliminated 218 hopefuls and Jeff Bezos, founder and CEO of Amazon. In addition, the notified 20 finalists they made the cut. By March, Amazon online retailer announced that Nashville, Tennessee, would had taken tours of the finalist cities and their proposed be the location for its new Operations Center of Excellence, sites to evaluate the feasibility of a future partnership that which will be responsible for the company’s customer can accommodate its hiring plans, as well as benefit fulfillment, transportation, supply chain, and other similar employees and the local community. Amazon surprised activities. Nashville will receive a $230 million economic some local officials during their onsite visits by quizzing investment with the creation of 5,000 high-paying jobs. them more about regional transportation and housing issues rather than tax breaks and financial incentives. RFP ISSUED AMAZON NAMED AMAZON TOURS NYC & D.C. ANNOUNCED BY AMAZON 20 FINALISTS FINALIST CITIES AS AMAZON HQ2 SEPTEMBER JANUARY MARCH NOVEMBER 2017 2018 2018 2018 HQ2 | LONG ISLAND CITY–NYC HQ2 IMPACT RESEARCH & ANALYSIS LONG ISLAND CITY–NYC Amazon’s decision to split its new headquarters between Amazon said it plans to hire 25,000 people each in Long two locations is by many measures unorthodox, but Island City and Crystal City neighborhoods over the next 10 analysts and economists agreed that the company to 15 years. Adding 25,000 new employees in New York City needed too many workers in a tight labor market to represents approximately 0.25% of the total employment locate a second headquarters in one area. By spreading base and roughly 0.75% of the existing employment base its reach among multiple cities, it gives Amazon a larger in Washington, D.C., while 5,000 new jobs in Nashville pool of candidates to hire from while avoiding inundating represents 0.50% of its employment base. Hiring at all three any one city with such a large workforce request. Splitting locations will begin in 2019. Larger metropolitan areas such up the locations could also be beneficial in the event as New York City and Washington, D.C. can more easily of a recession. absorb the large incoming number of workers, plus indirect effects on the region such as new household formation. HQ2 | LONG ISLAND CITY–NYC MANHATTAN UNION CITY LONG ISLAND CITY QUEENS 3 MILES JERSEY CITY NEW YORK BROOKLYN HQ2 | LONG ISLAND CITY–NYC HQ2 IMPACT RESEARCH & ANALYSIS LONG ISLAND CITY–NYC Long Island City, a neighborhood in New York City’s Amazon recently signed a letter of intent with New York City- Queens borough, was chosen over Manhattan’s financial based real estate and asset management firm, Savanna, district, Midtown West, and downtown Brooklyn due to its to lease 1.0 million square feet of office space at One available development land, strategic access to New Court Square in Long Island City. The 52-story, 1.5-million- York airports, and major transportation thoroughfares, square-foot property, known as the Citigroup tower, is the including eight subway lines. The neighborhood’s tallest building in New York outside of Manhattan. current vacant office space and 660 million square feet of available development land offered Amazon plenty of Amazon is pursuing the construction of a 4.0 million- options for expansion. square-foot office complex along the Long Island City waterfront at Anable Basin, a former warehouse district The New York City Economic Development Corporation across the East River from Manhattan. The online retailer will (NYCEDC) directly addressed one of Amazon’s concerns, develop its New York City headquarters over the next 10 highlighting housing as one of the city’s strengths, which years, with expansion opportunities for up to 8.0 million may have been one of the deciding factors the internet square feet over the next 15 years. retailer decided to split the HQ2 prize with Arlington, Virginia. NYCEDC, a non-profit corporation dedicated to Long Island City’s waterfront has experienced robust the creation of economic growth in New York City, said development in recent years even prior to Amazon’s HQ2 that New York was actually more affordable than many of announcement. In July 2017, the NYCEDC announced the major cities competing for Amazon’s HQ2. plans to transform a portion of the waterfront into a 1.5 million-square-foot mixed-use project that combines industrial and commercial office with residential space. HQ2 | LONG ISLAND CITY–NYC HQ2 IMPACT RESEARCH & ANALYSIS LONG ISLAND CITY–NYC New York City plans to provide funding through a Payment According to Empire State Development, the umbrella In Lieu Of Tax (PILOT) program based on Amazon’s organization for New York’s economic development property taxes on a portion of the development site to financing, Amazon is targeting 3,600 new jobs by 2020 fund community infrastructure improvements. Amazon has and projects reaching 25,000 jobs by 2028. agreed to donate space on its campus for a tech startup incubator and a site for a new primary or intermediary Through its $3.6 billion total investment, Amazon will public school. draw from the diverse and talented workforce in New York and plans to fill up to 40,000 high-paying jobs by In addition to city and state incentives of $1.525 billion, 2034. Construction alone is projected to create ±1,300 Amazon’s site selection at Anable Basin allows it to direct union construction jobs annually through 2033.
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