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Tech employment
January 2014 3,000 jobs YoY +5.1% YoY
Companies hiring
February 2014 1,504 companies +0.9% MoM
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.
-20%
2.30%
12.34%
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
2013 >50,000 SF
YTD 2014
2014
28,720
Average tech lease size year-to-date
Source: JLL Research
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 11.7%
Other 59.7%
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.
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.