Although cryptocurrency largely lives in the digital universe, the companies that run these businesses still need offices.
As crypto becomes a more prevalent part of society and the global economy, companies within this industry are growing their office footprint in Manhattan, particularly spaces that are equipped with modern technology.
For instance, cryptocurrency firm Chainalysis signed a lease for over 77,000 square feet at 114 Fifth Avenue late last year. Prior to this transaction, the company had subleased an office half that size.
Christopher Okada, founder and CEO of real estate advisory and investment firm Okada & Company, said that many of these companies are pivoting away from coworking spaces and opting for traditional office space.
However, smaller competitors in the industry are avoiding the cost of workspaces altogether and operating remotely.
“That market is completely suffering right now,” said Okada in reference to coworking spaces.