New York continues to boom, attracting investment, innovation, and growth in a diverse set of sectors that power the city’s upsurge in economic activity. Notoriously expensive, but famously diverse and business friendly, New York continues to attract new businesses to its boroughs. But where and why should you choose to start in NYC?
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New York’s Silicon Alley still can’t compete with San Francisco as America’s tech center, but it has nipped away many would-be jewels in the Bay Area’s crown thanks to its own flourishing sources of talent and attractive neighborhoods in which to locate. These are spread throughout the city in clusters that pulse with innovative energy.
While Silicon Alley may have gotten its start in Midtown, today’s star of New York’s tech sector is definitely Brooklyn. Brooklyn has lured many new and established companies to locate across the East River because of its lower prices per square-foot and ascendency as a cultural hive of artistic and innovative ideas. At the center of Brooklyn’s tech industry is the DUMBO area near the Brooklyn Bridge. The concentration of tech companies here creates an energy and exchange of ideas that fuels the space and makes the area for New York’s tech industry what Wall Street is for its financial services industry.
Midtown also continues to serve New York’s tech companies well. Attractive office spaces in districts like Flatiron, SoHo, and Chelsea may come at a higher price, but they pay off with the prestige of a city address and a central location at the heart of the New York City area. Real estate agency JJL has created an interactive map to help you decide between renting a tech office space in Brooklyn or Midtown.
Finance, Legal, and Real Estate
The pillars of New York’s economy continue to find themselves best placed near its center in Manhattan. As industries with big money and big priorities, service companies gain reputation as well as ease-of-operation from an address in Downtown or Midtown. And there is a lot to choose from, the NYC Economic Development Corporation announced in 2016 the the city is working to bring 60 million square feet of new commercial office space online.
One of the greatest sources of new office, retail, and residential space (more than 25 million square-feet) will be the Hudson Yards, which is currently the largest single private real estate development in the United States. This area is being served by a new subway extension and is centrally located on the city’s West Side. The East Side is also seeing a tremendous growth in available office space by virtue of a rezoning plan that will bring high-rise commercial buildings to the 73-block area around Grand Central Station.
For start-ups of all kinds the outer-boroughs are calling. The investment in and revival of districts outside of Manhattan is creating more than prime real estate, it is creating attractive areas to house fledgling companies with all the energy of Midtown but less of the notorious hustle and bustle.
Brooklyn and Queens are chief amongst these challengers to Midtown. Their industrial buildings have become perfect targets for redevelopment into prime office space. Brooklyn especially has seen younger and more innovative companies make it their home for the borough’s attractive qualities of cheaper overheads and trendy culture.
Queens meanwhile is taking from Brooklyn where Brooklyn took from Midtown, and for the same reasons. Lower prices in areas poised for redevelopment are making the northern environs of New York attractive to companies seeking lower rent to nurse them through their initial launch to big time success. Queens also comes with the raw edge Brooklyn has slowly lost as it has established itself as a prime real estate area.