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Heavyweights Seek More Manhattan Office Space
Published by Hedley on Monday, June 11 2012 at 8:36 AM
Heavyweight real estate tenants Facebook and Microsoft are reportedly on the hunt for new office space in Manhattan.
Already occupying around 210,000 sq. ft. of office space in the district, both firms will reportedly increase their office space requirements to over 300,000 sq. ft. – although no one seems sure how advanced the searches are.
While it is understood that Microsoft will increase its presence from 174,000 sq. ft. to around 200,000 sq. ft. – Facebook could more than treble the amount of office space it currently occupies in Manhattan, rising from 40,000 sq. ft. to anywhere between 100,000 – 150,000 sq. ft. according to news agency Reuters.
The expansion of these two global brands highlights the role of NYC as growing incubator for tech based firms – with the number of jobs generated by this sector having reportedly increased by 29% in the past 5 years.
Clustered around Midtown, the 52,000+ jobs created by the tech sector have no doubt been fuelled by the presence of firms such as Microsoft, Facebook and Google.
But while these global brands make the headlines, the tech-fuelled sector of NYC has also been aided by new start-ups – with no fewer than 486 new-start firms in the digital sector being created in the city since 2007.
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