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Wall Street Bumped in NY Office Space Stakes
Published by Adam on Wednesday, April 04 2012 at 9:02 AM
Can it be true? Reports suggest that Wall Street no longer dominates the Manhattan office space skyline as financial companies are outstripped by media firms in New York City.
According to Cushman & Wakefield, total office space owned by media companies reached 28% of total square footage in New York in the first quarter of 2012.
Financial office space trailed behind for the first time, but just barely, standing at 26% of the total.
Recently, office space in Manhattan was rated among the most expensive in the world, but that hasn’t put off the media industry one bit as management consulting firm, Oliver Wyman, emphasized upon the release of their recent Media.NYC.2020 report:
“New York City has more media jobs and is home to more multibillion-dollar media companies than any other city in the world.”
Is this just media success, or is there an element of struggle from the finance sector?
Bloomberg tell us there were a massive 200,000 bank redundancies in 2011 and on average, Wall Street bonuses dropped by around 14% as banks and financial firms began to draw their assets in around them amongst economic uncertainty.
But in fact, many industry experts suggest that the struggle on Wall Street is simply a result of slow economic recovery and, as the climate picks up over the coming years, many banks will shift out of neutral and the office space market will see a resurgence.
In the meantime, however, it’s rich pickings for up-and-coming markets like technology and new media, who are scrambling for office space in the beating heart of New York City and who haven’t been hit quite as hard – or as publicly – in recent times.
Related...
• Manhattan Office Space at $36 Billion in 2011
• Union Square hot spot for tech firms
• Q2 and the future of the Manhattan office market
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