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Tech Monthly

New York City . March 2014


Tech leasing activity
February 2014 22 transactions 337,785 s.f.

Venture capital funding


February 2014 45 transactions $234 million

Tech employment
January 2014 3,000 jobs YoY +5.1% YoY

Companies hiring
February 2014 1,504 companies +0.9% MoM

% change from December 2007

Year-over-year growth in New York Citys tech sector continued at a robust rate, expanding 5.1 percent in January 2014 from January 2013. This was the second largest industry expansion, just behind retail. The tech sector experienced a month-over-month decline, however, losing 200 jobs from the end of December to the end of January. New York continues to be a hotbed for tech venture capital funding as 45 companies received funding valued at more than $234 million in February. Moreover, six of the 45 companies that received funding were infused with more than $10.0 million, up from three the previous month. Among individual organizations, software company Kaltura led the pack, raising $47.0 million in series-C+ funding. dELias, an e-commerce company, received $44.1 million and You On Demand Holdings, a television subscription company, raised $25.0 million. Both of these investments came from private equity funds. After a record January with unusually large tech leases, leasing activity decreased in February, recording only four leases larger than 25,000 square feet. While few large leases were signed, overall leasing activity still remained strong at 337,785 square feet, bringing the year-to-date total to over 1 million square feet of tech leases signed. The first two months of 2014 have been the most active consecutive months on record with 192 percent more square feet leased than the first quarter of 2013. High-tech remained most active in Midtown South with 12 of Februarys 22 leases, followed by Midtown with six. LinkedIn completed the largest lease of the month, a 43,401-square-foot expansion at 350 Fifth Avenue. Dstillery, a technology marketing company, signed the next most significant: a 30,299square-foot new lease at 470 Park Avenue South. Turn, a cloud marketing platform, leased 26,000 square feet at 71 West 23rd Street and Mail Online, a subsidiary of DMG Media, signed for 25,401 square feet at 51 Astor Place.

Tech employment growth still ahead of financial and legal services


50% 40% 30% 20% 10% 0% -10%
2008 2009 2010 2011 2012 2013 Technology Financial Services Legal Services

-20%

Source: New York State Department of Labor, JLL Research

Private equity provided largest percentage of funding in February

Angel Series-A Venture Other Series-B Private-Equity Series-C+

2.30%

12.34%

26.39% 14.83% 29.41% 2.81% 11.92%

Source: CrunchBase, JLL Research Source: JLL Research, CrunchBase, Made In NY, New York State Department of Labor

Something to watch: Hightech companies continue to take large space as economy grows
In 2014, six technology leases exceeding 50,000 square feet were signed. During the same period last year, only one lease was signed over 50,000 square feet, representing an increase of 600 percent. From 2011 to 2013, tech employment increased by nearly 25 percent. Over this same time period, large tech deals have increased by almost 50 percent. This indicates that as employment continues to grow, tech companies are leasing more and more space.

35 30
Number of leases

32 25 15 9 6

25 20 15 10 5 0
2011

15 10

13

2012 20,000 - 49,999 SF

2013 >50,000 SF

YTD 2014

Source: JLL Research

2014

JLL Tech Monthly New York City March 2014 2

Stat of the month

Notable tech leasing activity in February

28,720
Average tech lease size year-to-date
Source: JLL Research

Tech employment strong, leasing totals >1 million s.f. year-to-date


s.f. leased (thousands)

Tech leasing

Tech employment

Employment (thousands)

3 5

1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 2013 2014 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 QTD Source: New York State Department of Labor, JLL Research

64 62 60 58 56 54 52 50

Tech leasing slowed in February but still a major player

Tech 11.7%

Law Firms 12.9%

Financial Services 15.7%

Other 59.7%

Midtown Downtown Midtown South


Source: JLL Research

1 3

Leasing activity

LinkedIn
Expansion 43,401 s.f.

Dstillery
New lease 30,299 s.f.

Turn
Relocation 26,000 s.f.

Mail Online
New lease 25,401 s.f.

Taboola
New lease 24,500 s.f.

Tenants in the market

Google
360,000 s.f.

Amazon
300,000 s.f.

Etsy.com
100,000 s.f.

Usablenet
100,000 s.f.

Uber
100,000 s.f.

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