Innovation-Based Economic Development ... - Innovate Holyoke

Innovation-Based Economic Development Strategy for Holyoke and the Pioneer Valley
Between 1979 and 2008, Holyoke experienced significant private sector investment, including the largest
shopping mall and office park in the region. However, only 10 percent of the post-1979 development
occurred during the past decade. One of the more significant developments to occur during the past then
years was the building of a hotel. Although much of Massachusetts benefited from the U.S. economic
expansion during the past decade, the limited recent development indicates that Holyoke did not.
As shown in Figure 16 below, restaurant and retail development in Holyoke has dropped off significantly
since 1979. Decreases in development have also been experienced in the more industrial sectors, but office
development did increase considerably.
Figure 16: Holyoke Commercial & Industrial Development (Square Feet) (1979-2008)
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
-
Retail/Restaurant Office Auto-Related Ind/WHS/R&D Hotels
1979-1988 1989-1998 1999-2008
Source: Baseline Economic Conditions & Market Characteristics, The Center City Urban Renewal District, Holyoke, MA,
October 2010.
Between 1979 and 1988, more than 250,000 square feet of space was developed in Center City, mostly
industrial/warehouse/research and development space (see Figure 17). The following decade, Center City
development was approximately 88,000 square feet. Between 1999 and 2008, less than 5,000 square feet
of space was developed.
MASSACHUSETTS TECHNOLOGY COLLABORATIVE 2-19
2-19 MASSACHUSETTS TECHNOLOGY COLLABORATIVE