Tech Firms Moving East…to Union Square

Last week, Technorati reported on the booming New York tech scene.  In recent years, New York City has attracted hundreds of new tech companies as the city continues to transform its economy to one not just focused on finance, but also on the booming technology and information industries.  In fact, The Real Deal reported that information and media sectors took over the financial sector in New York City for the first time, accounting for 27.8 percent of office leasing compared to 26.3 percent in the financial sector.  Much of this growth has been centered in Union Square – a neighborhood that has seen the lion’s share of new tech firms migrating to the neighborhood.  Just in the last few months, the venture capital firm FirstMark Capital decided to move to the neighborhood following companies like Yelp, Jibe, Apple iAd, Net-A-Porter, Mr.Youth, and GroupMe.  In 2011, nearly a dozen technology firms have made Union Square their home, leasing in aggregate over 135,000 square feet of office space.

Tech Moving East [Technorati]
Information, media sectors beat out financial services in 1Q office leasing [The Real Deal]
Apple gets new neighbor as Yelp opens Union Square office [The Real Deal]