Cushman & Wakefield, the world’s largest privately-held commercial real estate services firm, announced today that it has partnered as an exclusive real estate sponsor with NY TechDay, a full-day event for the New York tech community. The third annual event is taking place today at Pier 92 in New York City.
TechDay is a massive science fair for startups. It offers a unique opportunity for the more than 400 exhibitors, including startups from around the world, to show off their companies to thousands of consumers and investors. This year’s event anticipates 10,000 attendees.
Cushman & Wakefield, a lead sponsor of the event, is gearing up for the release of a new report titled, “C&W NYC Tech Beat.” The web-based report, which will be the first of its kind, will serve as a tool for creative companies to get the latest information, informative reports and trends on the Manhattan commercial real estate market.
“When we set out to create a new resource to help startups and existing creative companies with their real estate needs, we knew it had to be innovative and ahead of the curve,” said Ron Lo Russo, President, New York Tri-State Region. “What we have created is a living, breathing, constantly evolving web presence, where you can go for an update on what’s trending in real estate for creative companies, from the hottest neighborhoods and tech-friendly buildings to the latest information on which companies are ‘on the move.’ We believe this will serve as a fantastic tool.”
“The tech sector steadily grows in volume, vibrancy and innovation,” said Jamie Katcher, a Cushman & Wakefield Senior Director. “Cushman & Wakefield possesses the expertise, the relationships and the creativity to build out the industry’s leading technology platform. Every tech client faces unique real estate-related challenges. By putting forth this innovative web-based report, C&W is bolstering our role as valued advisors to clients at all stages of their life cycle.”
The Midtown South submarket, which has a vacancy rate of 7.9 percent and continues to be the tightest of all the Central Business Districts in the nation, has often been referred to as “Silicon Alley” for its desirability among media and technology companies. Of the 38 lease transactions 50,000 square feet or larger completed in the first quarter this year, 15 of those transactions were completed in Midtown South. Last year, only four transactions of this size were completed in the first quarter.