New York City is expected to become the tech hub of the country in the next four years, surpassing Silicon Valley, due to its growing number of incentives and government-backed programs. Manhattan and Brooklyn in particular have experienced a huge growth in the tech community thanks to its numerous shared workspace and other real estate offerings.
Justin Fitzsimmons, research analyst at GFI Realty, provides some insight into how companies are pushing real estate growth across Brooklyn’s neighborhoods.
Developers that are housing tech companies have started designing buildings with numerous amenities, much like what are seen in coworking spaces. Smaller startups and entrepreneurs see value in the lower costs of coworking spaces, which is fueling firms such as WeWork, Bond Collective, Industrious, Green Desk, and many others.
There is also a growth in large-scale, mix-use office campuses that essentially create a small community within the city, such as DUMBO Heights. The five-building campus includes a WeWork location, Etsy’s offices, and is blocks away from Time Out Market Food Hall.