Tech Finds a Home in NYC

With all the articles, discussions, events, etc. surrounding the movement of tech companies to NYC we thought it made sense to provide a short summary of what we’ve seen.

Not too long ago tech companies stayed clear of NYC because of high costs for rent and labor. A shift is now occurring with this mindset due to the close proximity to investors and the media, advertisement, and finance sectors; open office space with lower rents compared to the past; office space conducive to idea generation; access to a greater number of engineers; and a growing tech community presence. These companies are calling home in such neighborhoods as Union Square, Flatiron, and Soho, as well as in Dumbo, Brooklyn. These areas provide open space with high ceilings and good light. These settings are believed to provide a pleasant environment in which employees work at open stations in pods to ensure a steady flow of dialogue. It’s this type of alternative setting that tech companies in California’s Silicon Valley have cultivated and grown accustom. Perhaps more importantly outside their doors in these areas is a tech community not bothered by a corporate crowd seen in Midtown or the financial district. With all this movement though there is a risk that tech companies will once again become priced out.