It’s not uncommon for New Yorkers to find creative approaches to nabbing affordable space that will allow them to stay in the city. That’s a years-old practice in residential real estate, but the same holds true for commercial real estate, particularly when it comes to cash-strapped companies.
Technology start-ups—which are streaming into New York City at a rapid clip—fit this bill. Because their access to capital is limited and their headcount needs are in flux, technology firms just opening for business are snapping up sub-leases, according to a new report from Studley, the tenant representation firm.
“They need flexibility because their headcounts are volatile,” says Heidi Learner, chief economist and the report’s author...
Sublets Lure Manhattan Start-Ups
10gen Expands at Former NYT Building