Startup Growth Leads Many to Move to Midtown
As many NY-based startups are beginning to see rapid growth, more space becomes necessary. Perhaps the most sought-after locations for these companies are in Midtown due to its proximity to larger business partners.
As many financial tenants struggle to continue paying rents, it is predicted that the emergence of successful startups in the area will help counter the blow. Typically, new startups will seek fun, eclectic spaces to attract young talent in lower-Midtown in areas such the Meatpacking and Flatiron districts, as well as Chelsea, which currently houses Google, Inc.
However, according to Reuters, once these companies gain momentum, they begin to seek space further north, which offer larger spaces and closer distance to commuter destinations such as Grand Central Station. One such company is SocialFlow, which helps firms optimize their message on sites such as Twitter and Facebook. Recently, the company moved from its 1,800 square foot Meatpacking District office into a 10,000 square foot office on East 45th to accommodate its current 31 person staff.