New York Looks to Challenge California’s Silicon Valley as Technology Office Hub
Henry Abramov, Research Director of Lee & Associates NYC, talks about the tech industry taking space in New York City in this recent article by CoStar.
From the article:
Henry Abramov, research director for the New York City office of commercial brokerage firm Lee & Associates, predicts 2019 will bring more announcements from other technology companies planting roots in New York City and from existing companies expanding geographically.
“One of the major deciding factors in this year’s office performance was influenced by technology-centered growth, which will also have a large influence on 2019’s office statistics,” Abramov said. “In the foreseeable future, I believe the submarkets outside of the main business districts of Midtown, Downtown and Hudson Yards will be driven by the technology and life-science industries. ”
He added that “Google’s impact on Hudson Square, West Village, Chelsea and Tribeca will be a lightning rod of millennial tech talent. Amazon will forever change the dynamics of Long Island City — I wouldn’t be surprised if they also decide to expand into Brooklyn later on. With these large companies growing, smaller tenants in the tech industry will grow around them; and with Technion and Cornell Universities building an engineering campus on Roosevelt Island, all this leads to a strong continued growth in New York City’s technology economy.”