It is undeniable that advances in technology have impacted every economy throughout the world, and real estate in New York City is no exception. According to an article recently published in the Huffington Post, technology has impacted NYC real estate most noticeably in four distinct ways.
First, money in being funneled into the New York City tech market at an unprecedented rate. Therefore, more tech companies are popping up in the city and need space in which to house their businesses. Nineteen percent of leasing activity in the city from 2014 came from tech companies. Rents in neighborhoods housing a large number of tech companies are at an all-time high as a result of demand. Tech companies are also looking for unique and individual space. With the competition to recruit new talent being so fierce, companies look to create an attractive work environment. These companies are renting unique space and asking landlords to renovate space if it is does not meet their specific needs. Next, the tech industry has revitalized some of New York City’s older neighborhoods. Tech companies are bringing fresh ideas and young people who want to spend money to the neighborhoods in which they lease, resulting in an increase in new and trendy bars, restaurants and shops. Finally, the tech industry has resulted in an influx of bright, educated and talented young people to the city. This demographic wants to find the hot new neighborhoods, transforming these areas as they go about their daily lives.
TOWN Residential understands the ripple effect occurring with advances in technology and the growth of the tech industry. As a leader in NYC real estate, TOWN specializes in residential leasing and sales, and leasing, sales and marketing of development properties. The TOWN team works uses its collective industry knowledge to maximize benefits to its clients. Clients looking for unparalleled service and industry expertise should look no further than TOWN Residential.