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New York

Commercial brokers get to grips with tech sector

Finding tech office clients is a wise move for commercial brokers in a climate where traditional financial sector tenants are losing ground, Real Estate Weekly reported.

According to statistics from commercial brokerage Cassidy Turley, tech companies were responsible for 28 percent of Manhattan office leasing last year, a jump from just 18 percent last year.

“Understanding [tech firms] and having a resume that you’ve worked with similar companies in the past — they dig that,” said Jason Schwartzenberg, a corporate managing director at Studley who has worked with start-up technology companies.

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Representing tech clients is a different experience compared with traditional leasing, he said.

“Their businesses and head counts are changing on a day-to-day basis and they need flexibility to do various things,” he said.

Among specific requirements of tech companies are flexible lease terms, expandable or pre-built designs and high, open ceilings, he said. [REW]

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Office Leasing