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New-tech firms competing for top spot as leasing booms in Midtown South

Tech firms ramped up their leasing in January, staying just shy of financial services in the race for biggest office lessee.

According to Jones Lang LaSalle’s Tech Monthly report, the sector accounted for 20.2 percent of all office leasing in New York City — up 10 percent from December.

Tech firms signed 13 leases for a total of 663,276 s/f — one less than the financial sector’s 14 leases.
Midtown South saw most of the action. For the third consecutive month, the area led New York City with 75 percent of tech leases, followed by Midtown with 25 percent. No tech lease was signed downtown.

Twitter signed the biggest January lease.

The largest tech lease in January was Twitter’s 144,000 s/f signing at 245 and 249 West 17th Street. IBM signed the second-largest lease: 118,425 s/f at 51 Astor Place, where it plans to locate its IBM Watson Group. The company also renewed its 112,500 s/f lease at 590 Madison Avenue. MasterCard signed a 57,978 s/f lease at the newly renovated 114 Fifth Avenue.

The growth in leasing comes on the back of growing employment and investment in the tech sector, the report notes. Tech payrolls in New York City increased 4.4 percent year-over-year in December, a growth rate surpassed only by the education and health sectors.

Venture capital funding remained strong in January, with a total of 33 closed transactions worth more than $220 million. January was the eighth straight month in which more than $200 million of venture capital funds were raised.

With hiring and funding strong, the report’s authors conclude that we can expect a large number of tech leases to close over the coming months. микрозаймы и займы онлайн без отказа

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