The rapid growth of technology startups is having a positive effect on the New York City real estate industry. According to a publication originally reported on the Huffington Post, the increase of tech activities is affecting the real estate in New York in four major ways. There has been an increase in competition, shrinkage of supply and high price for real estate properties. Tech companies have so far accounted for 19 percent of leasing activities since 2014. The average financing has also sprouted from $6 million to $17 million. The rent in neighborhoods such as Chelsea, Union Square and Flatiron has increased by 80 percent.
The increased popularity of office spaces is another way that tech activities have influenced the NYC real estate to enter towns. Apart from company engagement and culture, the most vital issue for HR professionals is company space. The super competitive tech industry has seen different tech firms approaching property owners with requests for modern office space. These firms have been requesting for loft spaces having rooftops, open floor plans and exposed brick walls. The unique features are meant to cater to the new leasers while promoting a great working environment.
By bringing new perspectives to old neighborhoods, districts like Flatiron have become tech hubs. Over the years, fashion designers, creative firms, garment manufacturers and technology firms have moved into neighborhoods that are in close proximity to their work places. Creation of hot residential neighborhoods is being factored in the development of real estates. The Tech professionals need places to live and they prefer leaving in neighborhoods that are likely to bring in new businesses.
Town Residential is a NYC real estate firm based out of New York. Andrew Heiberger founded the firm in 2010. Andrew dabbles up as the chairman and chief executive officer of the firm. The firm specializes in luxury residential sales, marketing and leasing. Property developments form part of the services offered by Town Residential. The firm is popular give its high quality of service.
Town Residential has nine offices within New York City. Each office specializes in luxury real estate property in the area. The firm hires experienced and qualified professionals to work in various departments. Since it was established, Town Residential has received a number of awards. It received the Best Firm to Work for award and the Top 50 Best Places to Work in New York City award. In order to provide excellent services, the firm has established a sales and leasing department, marketing, administration, corporate, creative and new developments departments.