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Tech Trends in NYC

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icon_Follow_en_US Tech Trends in NYC

Tech Trends

The rate of economic expansion continues to slow down after close to 7 years of experiencing growth. Even amidst all the doubts and fears for the future of the tech industry due to the slowing down of Venture Capitalist investments coupled by an almost non-existent IPO pipeline, the tech sector is still thriving when it comes to real estate expansion and the growth of employment opportunities.

Firms and individuals seem to be in a state of panic about the situation, but there is nothing to panic about. The tech industry is still experiencing exponential growth, and the industry will continue to rise, just not at the pace people are used to.

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Tech is still the top industry for the expansion of real estate in America, and it has become the leading source of economic growth in many American cities. Although employment in tech industries may have slowed down, the industry is still the primary cause of job growth in America.

As more tech companies continue to drive employment growth, there will be an emphasis on diversity where diversity is geared to generate a stronger economic culture, heightened financial performance, and more tech-inspired innovations. Here is a fantastic video with some cutting edge real estate tech trends from Floored.

In this climate, venture capitalists continue to look towards the tech industry, although the momentum has reduced significantly. As the tech industry continues to grow, venture capitalists have shifted their focus a little more onto conventional businesses that have strong customer bases and viable business plans due to the poor IPO performance of recent market entrants.

As it becomes harder for startups to secure funding, these startups will have to focus on expanding in their home markets rather than look for real estate locations in prime tech locations like New York, the Bay Area, and Boston. Tech companies that can still afford prime property will, however, continue to pay for prime real estate to keep attracting the best employees and talent for their organizations.

To give you a better understanding we created an infographic about tech trends in real estate. Enjoy, and please share on social media.

Dougdarroch4InfographicV1 Tech Trends in NYC

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Jack Cohen

Jack Cohen has over 15 years of industry experience developing and implementing real estate strategies for clients in Manhattan and throughout the United States. Prior to founding Spaces Commercial Real Estate, Jack was a Managing Director at Colliers International for 3 years and a Director at Cushman & Wakefield for 9 years. Jack’s forward thinking has engineered some of Manhattan’s most unique and difficult deals including the repositioning and leasing of 636 11th Avenue, a 564,000 RSF warehouse to office conversion, which was awarded real estates highest honor- REBNY’s Henry Hart Rice Most Ingenious Deal of the Year Award.

Jack is a graduate of Rutgers University School of Business where he majored in Economics and Business Management. He is a member of the Real Estate Board of New York, the executive committee of American Israel Public Affairs Committee (AIPAC), and the Board of Education of Keter Torah, his childrens’ school. Jack lives on the Jersey Shore with his wife and three children.