A new CBRE report shows a 22% increase in high-tech jobs over the last two years, putting the city second only to San Francisco among the top 20 tech heavy cities in the nation, powering rent gains. Beyond the job gains themselves, New York City offers great value to tech startups searching for space relative to other tech centers:
That prodigious growth has helped drive rents in midtown south, the neighborhood most techies want to call home, up 24% during that two year time period. That growth is seven percentage points above the average rent rise in the city in the period, the report noted. On the other hand the growth in rents logged in midtown south pales in comparison to those seen in the period in the tech-heavy cities of Mountain View, Calif., the San Francisco tech district and East Cambridge, Mass., where office rents soared by 83%, 59% and 28%, respectively.
Read more in Crain’s New York Business.
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