Here come the techies
May 2, 2012
By: Staff

We’re experiencing the beginning of a surge in creative areas, with tech and related tenants looking beyond their traditional markets in NYC, according to Cushman & Wakefield chair of global brokerage Bruce Mosler, a panelist at yesterday’s Bisnow Silicon Alley Real Estate Summit. ...

... Downtown also has the large floorplates and vacancy needed to attract these tenants, but economic competition is fierce, says Studley exec managing director Greg Taubin. The Midtown/Midtown South asking-rent gap has significantly decreased, shrinking from a $35 to $37/SF difference in ’06 and ‘07. But he says that Downtown will get love from tech companies before Brooklyn or even an area like Long Island City. As tech and creative tenants gravitate toward new areas, hotels and retail will follow, Bruce adds. “It will be interesting to see how Midtown repositions itself as demand spreads,” he says. ...

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