New York Start-Up Firms Ride Tech Boom, Become Biggest Venture Capital Deal Generator Outside of Silicon Valley in 2010


NEW YORK, NY – October 25, 2011 – (RealEstateRama) — Although not the main driver of Manhattan’s office market recovery that began in mid-2010, Jones Lang LaSalle’s Report found that the resurgence of the high-tech industry has made a substantial contribution. After a significant decrease in 2009 caused by the economic downturn, high-tech employment has been consistently increasing every quarter and creating new office space demand. The growth has been concentrated in Midtown South, which has the lowest vacancy rate in Manhattan at 6.7 percent.

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