CBRE: Expect Top Rents in Top Tech Markets
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Yasukochi: “CRE investors must be realistic about this volatile industry underpinning the health of many ‘tech-thirty’ office markets.”
NEW YORK CITY—Businesses looking for office space in the nation’s hottest tech markets, including Manhattan, should expect to pay a hefty premium, according to a new research report by CBRE Group.
In Manhattan, tech leased 1.2 million square feet from 2012 through June 2015, with Midtown South accounting for 54% of that leasing. Due to limited availability in Midtown South, where space larger than 10,000 square feet will be limited in availability for another three years, tech companies are being pushed into other markets such as Downtown or Brooklyn, with some larger firms taking space in Midtown…
