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Economic report: Franklin Business Center houses 35 tenants and generates $166,500 in rent
Summary
Franklin Southampton Economic Development reported the Franklin Business Center hosts 35 businesses with 78 full-time and 26 part-time employees, occupancy around 81%, and tenant rent of about $166,500 annually to the city; officials said revenues are up despite a shifting tenant mix.
A Franklin Southampton Economic Development representative presented the Franklin Business Center economic impact report to council, citing tenancy and revenue figures and saying occupancy remains near historic averages.
"The Franklin Business Center is a business incubator managed by Franklin Southampton Economic Development, owned by the city that currently has 35 businesses that have 78 full time and 26 part time employees," the presenter said. "Those tenants pay about a $166,500 worth of rent to the city as part of their occupancy at the business center and generate a significant amount of business investment."
The report noted that average salaries among Business Center tenants are higher than city and county averages and named several anchor tenants contributing to revenue. Staff encouraged prospective tenants to contact the administration about available spaces and value-added services such as fingerprinting that have brought new visitors to the building.
