The Tech Industry Boom
Over the past 25 years, the tech industry has exploded from startups numbering in the double digits to over 2000. Their physical reach has also greatly expanded, with the tech industry now dominating Midtown South. Despite the job market itself softening, the real estate aspect of the industry has remained strong, hiting a record 700K square meters of office space leased just last year.
The Real Estate Market Responds
The article features Jay Batra giving his thoughts of the change in the real estate market due to the tech industry boom. He highlights that much of our own business comes from tech, and that they “help developers get good prices” for their work. Many have pointed to the tech industry as a reason behind rising rent costs, but other factors may be contributing.
