Tech firms double Lower Manhattan office space

New York /
Jan.January 06, 2014 06:05 PM

New York City’s technology firms are moving to Lower Manhattan in favor of cheaper rents and other perks, according to data from brokerage Jones Lang LaSalle that shows the office space they leased doubled in 2013.

In total, tech companies leased about 234,000 square feet of Downtown space last year, up from about 93,000 square feet in 2012, according to the data.

Among those relocating, so-called “creative” companies, like Conde Nast (1 World Trade Center) and Harper Collins (195 Broadway), stand out — more of them have moved Downtown than any other industry, according to Crain’s.

“These creative companies and tech companies are working together more and more and they employ the same talent pool,” said Sean Black, a JLL broker who compiled the data in their report. “You’re seeing companies go downtown because that’s where the talent is that they want to hire.”

Tech tenants are specifically looking for a far-from-corporate atmosphere, as The Real Deal reported, and smooth public transportation. Downtown Brooklyn, another neighborhood that fits the bill, tried enticing tech firms to set up shop by repurposing space for them last summer.  [Crain’s] – Angela Hunt


Related Articles

arrow_forward_ios
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
Airbnb CEO Brian Chesky. (Airbnb, Getty)
Airbnb’s losing spree continues with $1B loss in Q1
Airbnb’s losing spree continues with $1B loss in Q1
Chief People Officer Carolyn Patterson (Getty, Yelp)
Yelp to experiment with return-to-work plans
Yelp to experiment with return-to-work plans
Better.com CEO Vishal Garg (Better.com, iStock)
Mortgage lender Better to go public via SPAC merger
Mortgage lender Better to go public via SPAC merger
Douglas Elliman's Scott Durkin and Connie Mui-Reilly (Douglas Elliman, iStock)
Elliman launches portal to streamline agent resources
Elliman launches portal to streamline agent resources
The Real Deal's Hiten Samtani and Urban Green Council CEO John Mandyck
Watch: Urban Green Council’s John Mandyck on tackling climate change in NY
Watch: Urban Green Council’s John Mandyck on tackling climate change in NY
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...