Office Space

Has Digital Dumbo Reached Maximum Capacity? Techies Drive Down Vacancy Rates for Office Space

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At an industry breakfast yesterday, the commercial real estate brokers at Cushman & Wakefield announced that New York City has reached a tipping point: For the first time since 1999, the information and media sector (including technology) beat out financial services terms of office leasing.

In the first quarter of 2012, information and media accounted for 27.8 percent of office leasing by square footage, compared to the financial sector’s 26.3 percent. “New York is not just a financial town anymore,” Cushman’s managing director Ken McCarthy told the Real Deal.

You don’t have to tell Dumbo. Yesterday, the Brooklyn Paper reported that commercial vacancy rates in the neighborhood are down to 2 percent, prompting city planners to try to make Downtown more appealing to Brooklyn’s creative class. “Everyone in the tech industry wants to be in DUMBO,” said the paper. And here we thought the ideal spot was spitting distance from Union Square Ventures. Read More