High real estate costs cited as reason for slowing NYC innovation

While New York City has strong science and technology research centers, it shows poor performance in cultivating start-up businesses and economic growth, according to a new report from the Center for an Urban Future. The high cost of real estate and scant available laboratory space are cited as the primary reasons that research centers have difficulty producing new institutions and tech ventures. The report, which includes its inaugural “Innovation Index,” charts how New York City measures up to other metropolitan regions in its science and technology facilities. According to the report, New York City has just six companies on the Deloitte Technology Fast 500 List, while San Francisco has 88, Los Angeles has 50 and Washington, D.C. is home to 47.