SOURCE: Marks Paneth LLP

Marks Paneth LLP

June 23, 2015 10:00 ET

Where Will New York City's Tech Industry Flourish? In "718 Land," Say Commercial Real Estate Executives, According to Marks Paneth Survey

Four of Five Neighborhoods That Will Lead in Commercial Tech Leasing Are Outside Manhattan

NEW YORK, NY--(Marketwired - Jun 23, 2015) -  Where will New York City's tech industry flourish going forward? Not in Manhattan, say commercial real estate executives. They predict that four of the five neighborhoods that attract technology businesses are in "718 Land," not in Manhattan.

That's according to the Spring 2015 Gotham Commercial Real Estate Monitor, a survey from accounting firm Marks Paneth of more than 100 New York commercial property owners, brokers, agents, engineers, accountants and lawyers specializing in the commercial space.

The survey shows that most professionals favor Brooklyn and Queens as a technology industry growth platform.

When asked what neighborhoods will lead in the leasing of commercial space to technology businesses, the majority (54%) of local commercial real estate executives gave Brooklyn and Queens the nod, picking the 718 area code for four of the five top spots. Of Manhattan neighborhoods, only Midtown West/Hudson Yards ranked in the top five -- 13% executives thought it would lead in tech leasing. It was outstripped by Long Island City (22%) and almost matched by Brooklyn Navy Yard (12%), Downtown Brooklyn (10%) and DUMBO in Brooklyn (10%). 

"Brooklyn and Queens have been hot areas for technology growth, and commercial real estate executives seem confident that that trend will continue," said William H. Jennings, Partner-in-Charge of the Real Estate Group at Marks Paneth. "It's safe to assume that in the near term, technology leasing will grow faster outside Manhattan."

To receive a copy of the Spring 2015 Gotham Commercial Real Estate Monitor and/or to speak with a leader from Marks Paneth's Real Estate Group, please contact Katarina Wenk-Bodenmiller of Sommerfield Communications at (212) 255-8386 or katarina@sommerfield.com.

Methodology
This summary presents the key findings of the Spring 2015 Gotham Commercial Real Estate Monitor survey of commercial real estate professionals in the New York City market. The 107 professionals participating in the research include owners and managers of commercial property, commercial real estate brokers and agents, attorneys, accountants and other professionals specializing in the sector.

The research employed self-administered questionnaires completed online and on paper by respondents. The list of professionals surveyed was compiled by Marks Paneth LLP, the research sponsor, and by Michaels Opinion Research. Interviews were completed during the period of February 25th to March 31st, 2015.

About Marks Paneth
Marks Paneth LLP is an accounting firm with more than 550 people, including over 70 partners and principals. The firm provides public and private businesses with a full range of auditing, accounting, tax, consulting, trade remediation and valuation services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, hospitality, media, entertainment, nonprofit and government services clients. The firm has a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle.

The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, its membership in Morison International, a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world. Marks Paneth, whose origins date back to 1907, is the 35th largest accounting firm in the nation and the 9th largest in the mid-Atlantic region. In addition, readers of the New York Law Journal rank Marks Paneth as one of the area's top three forensic accounting firms for the fifth year in a row.

Its headquarters are in New York City. Additional offices are in Washington, DC, New Jersey, Long Island, Westchester and the Cayman Islands. For more information, please visit www.markspaneth.com.

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