NYC’s Tech Boom Takes Over Real Estate

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April 24 (Bloomberg) -- Empire State Realty Trust CEO Anthony Malkin, Former Dice Inc. CEO Jack Hidary, and CBRE NYC Brokerage Services Group Vice Chairman Paul Amrich discuss how NYC’s tech boom is changing real estate and the Empire State building tech tenants. They speak with Betty Liu on Bloomberg Television’s “In The Loop.” (Source: Bloomberg)


Linkedin they had a small sublet space in the building.

They fell in love with it.

I had a copy with the head of real estate.

They really were completely turned on with the concept.

The flexibility and the modern space.

He said i view this as an opportunity to retract and obtain top talent.

We love the concept of the urban campus.

They were looking downtown.

That was the alternative.

What are tech companies looking for?

A very exciting time for new york city.

One thousand 500 companies in new york in the tech sector with a 290,000 workers in tech in new york, the highest ever.

What they're looking for is a couple of things.

They are looking for bandwidth.

In thing tony has done is not just provide high-speed bandwidth, but make sure you can access your mobile phone throughout the building.

Not just elevators, but because mobile companies, most tech companies developing on mobile platforms.

Another thing people in tech are looking for.

I imagine everyone is pitching big tech companies.

What is a determining factor for them am a whether they go downtown or tony's building or over to the soon to be hudson yards?

I think a lot of it has to do with the work worse and where they're coming from.

I think it has to do with the work environment.

For example, what you just saw in the piece with technology key to all of the tenants.

Also the amenities.

When you look at food sources, that is key.

People looking at the bones of the building and looking at being very careful for what they choose.

Looking at the age of the stock and may think it is old compared to global cities.

You have exposed deal or polished concrete or think that a newer building today would not have to offer.

They are building hudson yards.

An observatory.

Just like empire state.

They believe it is a newer project.

Tech and finance companies will want to go there.

It is interesting.

The pricing point is $25-30 five cents -- square-foot higher.

They are offering the built-in amenities.

It is proximity, access.

A great product and have a lot of respect.

We offer something very different.

This only comes with the age and development over time.

You are in the area -- you are not in the area a lot of young people want to live in.

We are in the area a lot of young people want to work.

We are accessible from anywhere.

Right in between the west side and east line.

Dams -- grand central terminal.

Almost equal to everything.

Very close to the times square area.

So we feel good.

There is no one category killer.

We are seeing 14th street to 42nd street.

A lot of the shared access basis also.

When companies are too young to get into a building like empire state, they just have a few people and not be enough credit to get in.

They often go to a shared office space.

When they get a good they can go to empire state building.

Also downtown brooklyn and emerging center as well.

A lot of people like to live and work in that area.

Downtown wall street.

Not taking off the way some people thought it would.

Tony hit upon a really good point.

Only the number seven train that goes into hudson yards.

What about the big challenge of infrastructure here?

When you look at the yards, they are investing huge amounts of money.

Multiple developers.

If you look at tony's portfolio, the area you suggested, very central.

Spending all the right money on the properties.

I think you are finding the hottest submarkets in the country right now is midtown south.

Seeing immense growth.

Those people are struggling to find places to go because there is limited supply.

As you mentioned, your spaces very affordable for companies.

The entire city is getting less affordable for the average person.

Is that the biggest challenge for new york?

One of the biggest, affordability?

Think about the changes taking place in new york or so san francisco.

When tech wants to relocate to new york city because the transportation is much more pleasant.

They're not getting things thrown at them.

Lots of different neighborhoods.

The great thing about new york is it is a very welcoming place.

If you make it here, you can make it anywhere.

All right.

Thank you so much.

Paul ambridge.

Antoni stays with me as we continue to go inside the empire state building.

I want to turn out to a piece of news.

Southwest airlines posted record first-quarter profits topping estimates.

The largest discount carriers

This text has been automatically generated. It may not be 100% accurate.


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