NEW YORK - A boom on Wall Street and a thriving technology sector have pushed the unemployment rate in Manhattan to record lows and propelled office leasing activity to its best first six months of a year in a quarter century, brokerage data shows.
New leasing activity jumped 21.5% in the second quarter from the year-earlier period to 10.0 million square feet. “There’s certainly more venture capital than ever before coming into this space, more strategic capital,” he said. “It’s almost like a chess game,” said Richard Persichetti, lead researcher for greater New York City at brokerage Cushman & Wakefield Plc , referring to how leasing activity occurs.
When a tenant moves out it draws interest from others, with buildings that are better managed with greater amenities benefiting from the migration, Persichetti said. FILE PHOTO: The Hudson Yards development on Manhattan's West side, which will have more than 18 million square feet of commercial and residential space and 14 acres of public parks and gardens is seen New York City, New York, U.S., March 12, 2019. REUTERS/Mike Segar/File Photo
Source: Tech Daily Report (techdailyreport.net)
By “hot tech sector”, you probably meant all those YouTube videos about crazy penthouse listings in Manhattan 😆 HotTechSector
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