EconFact 09/04: Made in Brooklyn

The future of tech?

The future of tech?

One of the biggest reasons I wanted to move from my first college in New York is because of variety; I felt that the students I met in my first school were too focused on a singular track (med school) and wanted to be in a place where I’d be exposed to people who chose a variety of paths.

Same can be said about opportunities in New York; within the city there are clusters of industries. Wall Street has finance. Madison Avenue has advertising. Garment District has…well, garments but the same can’t be said about technology, at least just yet.
A recent report from Bloomberg speculates falling vacancies and rising rental rates in Brooklyn office spaces signal a rise in New York’s tech and start-up industry.  Currently, Brooklyn has about 21 million square feet of office space (about the size of downtown Philadelphia) with an average square foot price of $32.13 compared to lower rent upwards of $40s Midtown South and downtown Manhattan.
Brooklyn is in a middle of a housing and construction boom and hopes to replicate the cluster effect for tech companies.
New York City’s unemployment rate remains unchanged at 8.4% in July from June which is lower than comparable cities like Chicago (10.4%)  and Los Angeles (10.3%) but higher than San Francisco (5.4%).
Takeaway: Rising Brooklyn office prices is just one of many indications of New York’s tech industry stimulus.
Jon Stewart Returns
Questions? Comments? Compliments (much appreciated). Follow-up? Cool link, bro? Hit “comment” 🙂
– Paul

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