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Life After Midtown South

NEW YORK CITY-As the submarket fills up with tech companies, businesses should to the outer-boroughs for new space.

By Jacqueline Hlavenka | Updated on July 22, 2012

Given its low vacancy rate, increasing rents and booming leasing activity, Midtown South – Manhattan’s self-proclaimed “Silicon Alley” – is known in the commercial real estate community as the darling of the office industry. But as large blocks of space get filled up and supply dwindles, the market now dictated by culture choice may shift to reflect the changing nature of real estate availability in the neighborhood.

During a mid-year press briefing by CBRE, the firm outlined the strengths and challenges of New York City’s technology sector and the role office space is playing in establishing their businesses in the borough. Brokers explained that while established businesses like Google, Facebook, Apple and LinkedIn are more capable of paying higher rents, young technology firms and start-ups looking to gain a foothold in the city may be soon be running out of options, leaving Downtown and certain parts of Midtown as alternatives.

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