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Fintech Gains the Upper Hand in Space War
Financial technology drove more than 875,000 square feet of Manhattan office leases in 2017, JLL said in a report cited by the Wall Street Journal. That’s nearly triple the total this sector leased in 2014.
The activity is coming from a variety of tenants. They include tech startups, mature companies such as Alphabet, and the fintech operations of big banks. All are seeking more space in a city where the percentage of Millennials is nearly one-third higher than the national average.
At L&L Holding Co.’s 150 Fifth Ave., for example, Mastercard leased all 212,500 square feet last year. “With fintech, it’s the tech part of that that is affecting everybody and everything,” said L&L’s David Levinson. “Everybody is trying to figure out how to get ahead of this, so they don’t get blindsided by something that a competitor is doing.”
- ◦Lease
