Tech firms flocking to Lower Manhattan

Number of IT and media companies with space in the area is up 71 percent over last five years

TRD New York /
Oct.October 30, 2014 09:32 AM

Technology, advertising and media companies are moving to Downtown Manhattan in increasingly large numbers.

The number of companies in those fields with offices in Lower Manhattan is up 71 percent over the past five years, according to the Wall Street Journal. One of the biggest deals in the sector is Condé Nast’s move to One World Trade Center next week. For creative firms, the neighborhood below Chambers Street has emerged as a cheaper alternative to Chelsea and Soho, where rents are rising.

Over the past four years, 32 percent of leasing by technology, advertising and media companies was in Lower Manhattan, according to the newspaper. The figure is up from 14 percent between 2007 and 2010, according to a report by LaunchLM cited by the newspaper. In Midtown South — including the neighborhood of Chelsea, Flatiron and Soho — that number rose to 47 percent from 40 percent durng the same time period. [WSJ] — Claire Moses


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

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?

Masayoshi Son

Small Talk: Our foolproof plan to get SoftBank’s investments back on track

Softbank CEO Masayoshi Son (Credit: Getty Images)

SoftBank’s $3B payout to WeWork’s investors is delayed

Airbnb CEO Brian Chesky and Jersey City Mayor Steve Fulop (Credit: Twitter, iStock, Airbnb)

Stakes are high as Jersey City residents vote on Airbnb

Warburg’s Clelia Peters (Credit: Getty Images, iStock)

Warburg’s Clelia Peters joins board of VC-backed brokerage

Igluu co-founder and CEO Martin Mucha (Credit: iStock, Linkedin)

New listing service aims to knock StreetEasy off its perch

arrow_forward_ios