Hey, Manhattan: Tech Firms Just Aren't That Into You
A survey by accounting firm Marks Paneth reveals that a majority of commercial real estate pros queried said tech tenants prefer the outer boroughs over Manhattan. In The Spring 2015 Gotham Commercial Real Estate Monitor, which surveyed 107 New York professionals who specialize in commercial RE, 54% of respondents felt Brooklyn and Queens will lead the market in leasing to tech businesses, Globe Street reports. In fact, four out of the five top spots in the survey went to neighborhoods in the 718 area code. Only one of the top 5 areas was in Manhattan: 13% of execs thought Midtown West/Hudson Yards will be a tech magnet (making it No. 2 in the survey). Long Island City ranked No. 1, with 22% of respondents giving it the nod. Rounding out the top 5 were the Brooklyn Navy Yard (12%) and Downtown Brooklyn and Dumbo tied at 10%. "Brooklyn and Queens have been hot areas for technology growth, and commercial real estate executives seem confident that that trend will continue," said William Jennings, partner-in-charge of Marks Paneth's real estate group. [GS]
