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NYC’s Tech Sector Poised to “Reach New Heights”
Although its share of leasing volume hasn’t experienced the explosive growth seen by flexible space providers, New York’s tech sector continues to underpin the strength of its office market. Tech firms accounted for about 4.1 million square feet, or 21%, of the active requirements as of Sept. 1 among tenants needing 50,000 square feet or more, CBRE reported.
The sector is the Manhattan office market’s fourth largest by occupancy, according to CBRE, with its share of leasing volume doubling since 2011. That’s due to sustained growth in local tech employment throughout the current economic expansion, now far surpassing the peak of the early 2000s dot-com boom.
And, there’s more where that came from. “The tech industry’s continued expansion bodes well for its future jobs outlook and future leasing activity,” CBRE reported. “NYC’s tech employment is in a position to reach new heights” as the current leasing requirements are fulfilled.
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- ◦Economy
- ◦Lease
