Advance in technology beautifies the outlook of a city and enhances the economy. New York City has experienced an upward trend in terms tech activity. NYC real estate industry has utilized tech services offered by tech companies, which has been impactful.
CB Insights noted a huge chunk of capital was being invested in the NYC apartment for sale tech field within short time intervals. In fact, Series B funding currently stands at $17 million from $6million back in 2013. The impact of tech companies in the real estate industry is evident. The industry leasing activity stood at 19 percent, which considerably exceeded those of previous years.
Due to innovation and economic growth, the land has significantly appreciated. The rent has increased by a whopping 80 percent compared to last ten years. Tech startups control demand of products available in the real commercial industry.
Increase in accessibility of tech companies
Crain claims the year 2015 will experience an enhancement of the relationship between tech companies and its clients. The companies have expansion goals, which will boost its offline presences through the launching of offices in various buildings within the city. Since they use modern and sophisticated companies, property owners are venturing in this lucrative deal to accommodate needs of such renters. The tech companies approach the property owners with enticing deals Hence it is a win-win situation for both.
Attracting top-notch investors in all parts of New York City
The tech success has attracted business in the neighborhood previously ignored. Garment District has experienced tremendous growth in economy and infrastructure. The rent in such areas is affordable and businesses are flocking to cut on expenses. Flatiron District common for culture is also fast rising with many tech startups.
Relocation to remote areas
The newcomers in the tech industry cannot afford to live in the city centers. Establishing offices in less developed areas is a good move.
TOWN Residential is an established real estate service entity in New York. It deals with sales of luxury commercial and residential apartments, renovation and development of property followed by marketing, sales or leasing. CEO and Co-chairman Andrew Heiberger founded the Firm. Joseph Sitt co-chairs the firm. It offers personalized and result oriented services to its clients.
TOWN Residential boasts possession of talented and highly trained team of professionals. The firm has received various accolades and recognition due to excellence in service delivery. For example, it appeared in the list of Top 50 Place to work in New York City. The firm aims to revolutionize the real estate industry by conducting researches and implementing new ideas.