Cushman & Wakefield announced today the launch of C&W TechBeat (www.cushwaketechbeat.com), an innovative website that will serve as a tool for technology startups and creative companies by offering the latest information, reports and trends on the Manhattan commercial real estate market.
C&W TechBeat, designed in-house by Cushman & Wakefield marketing and research professionals, is the first of its kind, offering a full spectrum of information, from up-to-date statistics on Manhattan’s three main submarkets, as well as information on the real estate needs of an evolving startup and the latest TAMI (technology, advertising, media and information businesses) lease transactions. Cushman & Wakefield will be expanding the website, offering the same tools to other key technology markets.
“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.”
Manhattan has become a technology hub for businesses of all sizes – second only to Silicon Valley in San Francisco. The Midtown South submarket, often referred to as “Silicon Alley” for its desirability among TAMI companies, continues to be the tightest of all the Central Business Districts in the nation, with a vacancy rate of 8.2%. The submarket has an average asking rent of $59.81 per square foot, a 14.2 percent increase year-over-year.
In April, C&W partnered with NY TechDay, a full-day event for the New York tech community, as a lead and exclusive real estate sponsor. The third annual event 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.
C&W is a leading advisor to technology companies in New York and around the globe. The firm recently represented xAd, Inc., a mobile advertising company, in a 21,100 square foot lease for its global headquarters location at 401 Park Avenue South in New York. The global commercial real estate services firm also represented salesforce.com and Boston Properties/Hines in a record-breaking 714,000 square foot office lease at 415 Mission Street in San Francisco. The 1,070 foot tower, currently under construction, will be named Salesforce Tower.
Last year, C&W advised Amazon in a 210,000 square foot lease at 60 Holborn Viaduct in London, UK. The transaction was one of the largest office deals in the London market in 2013.