This leveling of demand should eventually bring rents down, but the effect has not yet been felt in the market, he says. More than 100,000 new related jobs were created between June 1999 and June 2000. Additionally, the city is headquarters for 18 of the world s top 100 Internet companies. And New York City continues to court information technology companies with programs such as the Emerging Industries Fund. New York also is offering Digital NYC to help growing high-tech companies find office space throughout the boroughs, including sites at the old Brooklyn Navy Yard, in Manhattan, the Bronx, Queens and on Staten Island.
Hidden space can be found by creative thinkers, the firm says.
If the quality of life is high and there is a strong supply of highly educated young people, companies are going to be attracted to these areas, paying high salaries and pushing the cost of housing up further, the report says. Copyright 2000 Cahners Business Information. Last Updated December 2000.