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Tech, On the Waterfront

NEW YORK CITY—New CRE research suggests the industry's next move most likely is to a waterfront locale in one of the outer boroughs.

By Rayna Katz | raynakatz | | Updated on February 10, 2016
William Jennings Jennings: “Tech executives and whizzes are certainly a far cry from the longshoremen of yore.”
NEW YORK CITY—Following its takeover of Midtown South, a locale along the waterfront appears to be the next stop for the city’s technology industry. That was the overwhelming sentiment of industry executives in a new survey by Marks Paneth , the accounting firm, when asked where the city’s technology industry will migrate to next. When asked to name a neighborhood where the field is headed, the Long Island City area of Queens was the most popular response, with 18% of respondents to the Gotham Commercial Real Estate Monitor choosing the location. Closely following were the Brooklyn Navy Yard, with 17% of the vote, and Lower Manhattan grabbing 15%. DUMBO trailed, with only 4%—the same number that chose the “inland” neighborhoods of Union Square, SoHo and Midtown East. Over 100 New York commercial property owners, brokers, agents, engineers, accountants and lawyers specializing in the commercial space took part in the survey. Meanwhile, property professionals overwhelmingly expect most tech industry projects to be retrofits, not new construction, according to the survey. Nearly eight in 10, or 79%, say real estate developers will be retrofitting older buildings in up-and-coming parts of Long Island City. “Tech executives and whizzes are certainly a far cry from the longshoremen of yore. More proof that New York is always changing itself,” says William Jennings , partner-in-charge of the real estate group at Marks Paneth. The list of professionals surveyed was compiled by Marks Paneth and by Michaels Opinion Research . Interviews were completed during the period of August to October of last year.

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