NEW YORK CITY—Tech tenants might love New York, but they just aren't that into Manhattan, according to a recent survey from accounting firm Marks Paneth. That study says that four of New York's top five neighborhoods for the tech sector are not in the city's busiest borough.
The company's Spring 2015 Gotham Commercial Real Estate Monitor, draws on the knowledge of more than 100 New York commercial property owners, brokers, agents, engineers, accountants and lawyers specializing in the commercial space.
The survey shows that most professionals favor Brooklyn and Queens as a technology industry growth platform.
When asked what neighborhoods will lead in the leasing of commercial space to technology businesses, the majority (54%) of local commercial real estate executives gave Brooklyn and Queens the nod, picking the 718 area code for four of the five top spots. Of Manhattan neighborhoods, only Midtown West/Hudson Yards ranked in the top five—13% executives thought it would lead in tech leasing. It was outstripped by Long Island City (22%) and almost matched by Brooklyn Navy Yard (12%), Downtown Brooklyn (10%) and DUMBO in Brooklyn (10%).
"Brooklyn and Queens have been hot areas for technology growth, and commercial real estate executives seem confident that that trend will continue," said William Jennings, partner-in-charge of the Real Estate Group at Marks Paneth. "It's safe to assume that in the near term, technology leasing will grow faster outside Manhattan." This summary presents the key findings of the Spring 2015 Gotham Commercial Real Estate Monitor survey of commercial real estate professionals in the New York City market. The 107 professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents, attorneys, accountants and other professionals specializing in the sector.
The research employed self-administered questionnaires completed online and on paper by respondents. The list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of February 25 to March 31.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
