The Financial District will unseat the Flatiron to become the city's startup hotbed in 2014 — and don't be surprised if more commercial real estate projects include rooftop decks and show up in Brooklyn's hip neighborhoods, experts predict.
New York City's commercial office market is all about where the new jobs are, making the tech world and creative industries the anticipated trendsetters for the coming year, according to commercial real estate experts...
The number of management- and technical-consulting firms and advertising and public-relations shops swelled by nearly 7 percent, according to Heidi Learner, chief economist at Studley, citing Bureau of Labor statistics.
This trend is likely to continue and others are predicted to emerge in 2014, according to DNAinfo.com New York's look into the commercial real estate crystal ball..
2. The World Trade Center site will become an office hub again
4 WTC cut its ribbon at the end of 2013 and 1 WTC is scheduled to open in early 2014, Learner said. As these buildings open — along with the Fulton Transit Center, which is expected to be finished by June 2014 — more companies will have their eyes on opening in or relocating to the area, many predict.
3. This will make the Financial District the new Flatiron
With Condé Nast’s media empire set to be the anchor tenant at 1 WTC — leasing 1 million square feet in the glittering glass building formerly known as the Freedom Tower — and the hot advertising agency Droga5 moving from Midtown to a 90,000-square-foot space on Wall Street, the area is poised for a makeover.
Besides big firms like these, many startups that moved to the Flatiron — which had been the buzz-worthy neighborhood for the office market in 2013 — are now looking to Downtown, Learner said.
“Midtown South [the area home to the Flatiron] is where small, creative tech tenants flocked to because of the loft-like spaces conducive to collaboration,” Learner said. “But I expect [the Financial District] to be a go-to area for some of these newer startups now, particularly if they have a large number of their workers commuting from Brooklyn...”Roof Decks and Other Trends for 2014 Office Space
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