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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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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