New York's Job Growth in Technology and Media
It's known that a local economy housing strong firms with high-paying jobs translate into a boon for the real estate industry. Fortunately, NYC has growing footprints from companies that are at the forefront of the technology and media sectors. So in a year of negative real estate news I look at this as a significant upshot.
Notable deals from notable firms:
Facebook just signed for 1.5m sf of office space in Hudson Yards. The lease includes 1.2 million square feet of space at 50 Hudson Yards, 265k sf in 30 Hudson Yards as well as 57k sf in 55 Hudson Yards. (CNBC)
Google has made investments this past year as they expand their footprint in Manhattan. They'll have room to double their current 8,000-employee count between their $600m purchase of the 325,000sf Milk Building along with their development of a $1 billion, 1.7 million square foot office complex at 550 Washington Street, 315 and 345 Hudson Street. (6sqft)
Apple has reportedly been on the hunt for hundreds of thousands of square feet of office space in Manhattan, with sources saying the company has eyed the James A. Farley Post Office redevelopment, and One Madison Avenue. (Curbed)
Disney purchased the rights to develop the property at 4 Hudson Square from Trinity Church for $650 million under a 99-year agreement and earlier this year tapped Skidmore, Owings & Merrill to design a new HQ for the media giant. It will occupy an entire city block and span 1.2 million sf—including retail on the ground floor—and house up to 5,000 employees. (6sqft)
Netflix has leased a 165,500-square-foot warehouse in Brooklyn’s Bushwick neighborhood, where it will build six sound stages. On the corporate side, the company will be expanding, with about 100,000 square feet of new offices in Manhattan’s Flatiron District to house development, production and marketing executives. (Hollywood Reporter)
That these companies are hiring New York City based talent is a signifier that this is still a place where innovation happens. And a growing presence from the above-mentioned firms allows all tides to rise.