February 11, 2020 Comments Off on Tech Sector Doubles Share of Manhattan Leasing Views: 1104 New York News, Top New York

Tech Sector Doubles Share of Manhattan Leasing

Driven by mega-leases from Facebook and Google, Manhattan office leasing volume by tech tenants reached 7.57 million square feet in 2019, nearly double the 3.99-million-square-foot total for 2018, Colliers International reported. The sector’s share of Manhattan leasing volume doubled to 18% in 2019 compared to 2018.

The leasing surge occurred even as tech employment in New York City experienced its first year-over-year drop in 10 years, according to Colliers. Over the past decade, though, tech employment locally has grown by 53.4%.

Midtown South has accounted for more than 50% of tech leasing in Manhattan for eight of the past 10 years. That share increases to 72% for 2019 if one defines Midtown’s southern border as 42nd Street.

The year’s biggest tech deals were Google at 550 Washington St. (1.3 million square feet), Facebook at 50 Hudson Yards (1.16 million square feet) and LinkedIn at 350 Fifth Ave. (501,000 square feet).

Pictured: St. John’s Terminal at 550 Washington St., where Google leased 1.3 million square feet.

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