The tech world has its sights set on New York City and more tech start-ups are moving to New York. With the increase in tech jobs moving to New York, more commercial properties are being required to update their Internet connections.
New York still has many commercial real estate properties that don’t have broadband or even a fiber connection. This has made it difficult for some companies to find commercial real estate in the city and with more high-tech companies moving to New York, commercial real estate properties have been scrambling to update their Internet connection abilities.
The city knows it needs to update their technology, which is why Mayor Bloomberg started a program last year to upgrade Internet connections and other technological updates in Manhatten office buildings. Included as part of the program is WiredNYC, an initiative that reviews buildings for their broadband Internet connection and ConnectNYC, a competition program where companies try to recieve a fiber broadband connection.
While these iniatitives have been helpful, there are still many commercial properties that need better Internet connections before the tech world will be interested in leasing or purchasing the buildings.
Commercial properties in New York have always had to try to keep up with new technology being offered in other cities. Now, to compete with the technology companies located in Silicon Valley, New York will need to continue working on updating their technology to compete with the commercial real estate property in California.
Despite the need to update Internet connections, New York still has many commercial real estate property options for tech companies and businesses. However, purchasing or leasing commercial property in New York can be complex so individuals or businesses interested in commercial real estate should contact a real estate attorney to understand how the process works and what options are available.
Source: Beta Beat, “Introducing Wired City, A New Channel Where Commercial Real Estate and Broadband Come Together,” Jordyn Taylor, July 16, 2013