The Effect of the Tech Industry on New York Real Estate
The Huffington Post recently reported on NYC Luxury Real Estate Landscape the ways in which a changing society is also changing the face of real estate in New York. They posit that the recent tech boom has had a dramatic impact in the social layout and the market itself. This is further evidenced by the very strong upsurge in the technology and IT sector within the city. Experts estimate that the current state of the industry in New York is higher than it’s been since the year 2000.
This influx within a very prosperous industry has made a strong impact on the area. One of the most obvious effects stems from high demand for an increasingly small space. For such a booming location there isn’t a lot of space. This has pushed demand up to levels that are seldom seen anywhere else.
Next, there’s also an issue of culture. New York itself is often renowned for having a unique culture. And the same can be said of the tech industry. The entire IT sector tends to have a different perspective on a lot of things and that includes one’s work environment. The idea of increased communication for the purposes of facilitating design ideas is very big within the tech world. As a result there’s far more demand for open areas and a general feeling of space. This can include anything from raised ceilings to the full removal of walls.
This is normally a difficult area for many people involved in NYC luxury real estate. But at the same time, it’s led to some firms developing a specialty in that area. One of the most significant is Town Residential. Town Residential was founded in 2010, right around the time when the tech boom was fully expanding into New York. As such they began within the industry right at the time when the tech sector was looking for new and innovative voices to offer up new views.
Since then Town Residential has gone on to become a vital part of the New York real estate market. By specializing in luxury sales they’ve been able to serve the tech industry in a number of different ways. Partially by being able to more easily work within a system that has heavy need for versatility. And at the same time by being able to provide for residential customers who need to move in order to best adapt to the changing environment within the tech sector. But no matter what the specific need, Town Residential has been able to adapt to that demand.