So, you’re finally ready to open a New York City office. But New York City is a big place—encompassing 469 square miles and five boroughs, each with its own unique culture and socioeconomic profile. With so many options, how does a company select an optimal location?
Let’s start by narrowing your options down to the neighbourhoods where your peer companies are congregated. New York City’s technology “hub” is actually spread across five primary districts, and, like those aforementioned boroughs, each of these districts possesses its own distinctive personality.
By understanding the unique attributes and challenges of each neighbourhood, a tech-focused New York newbie can begin to make an informed decision regarding its new office location.
Formally synonymous with Wall Street and the financial services industry, Downtown Manhattan (the southern tip of Manhattan below Canal Street) has grown into one of the City’s most attractive tech hubs.
In addition to boasting exceptional, brand-new developments such as One World Trade Centre, the area is home to a plethora of older, loft buildings that appeal to creative firms.
Midtown South (Manhattan)
Encompassing the swath of Manhattan from Canal Street to 34th street, Midtown South features the highest concentration of tech and creative companies in the City.
ClearBank and Tide granted £25m to help UK SMEs
The district garnered this status via its youthful population, acclaimed restaurants and world-renowned architecture, including the famous Flatiron Building.
With companies that include Google, Twitter, and Tumblr boasting Midtown South addresses, the neighbourhood has become one of the most vibrant tech hubs in the world.
Although Midtown is largely known for its concentration of Fortune 500 corporations and financial services companies, it has also gained significant traction in the tech community.
Companies such as LinkedIn, Shutterstock and Pandora have recently located in Midtown, due in large part to the area’s excellent transportation options and extensive variety of property types.
Post-Covid-19 recession looms over tech start-ups
Facing the southern tip of Manhattan, Dumbo is the fastest growing tech community in New York City outside of Manhattan.
Direct subway transportation to and from Manhattan appeals to commuters, but it’s the homegrown talent that’s mostly responsible for enhancing the neighbourhood’s tech profile—as much of the tech industry’s top talent lives in Brooklyn’s growing residential community.
The only issue is that the area’s inventory of commercial space hasn’t quite caught up with the surging demand.
Long Island City (Queens)
Long Island City is the late bloomer of the group. Although it hasn’t achieved the same success or notoriety as the other submarkets discussed in this article, the area has recently attracted the attention of several notable tech companies.
Several redeveloped manufacturing and warehouse buildings, such as the Falchi building, combine the amenities of a modern building with the old-fashioned charm of an older, loft-style building.