NYREJ | November 1, 2016
It’s no secret that, in recent years, the number of technology and innovation companies in Brooklyn has rapidly increased, particularly in Dumbo, Downtown Brooklyn and the Brooklyn Navy Yard — known as Brooklyn’s “Tech Triangle.” And while demand is high for office space in these sections of Brooklyn, many people are asking: Will this trend continue in the coming year?
From our perspective, this is just the beginning for the Tech Triangle, which we expect will undergo a transformative period of growth within the next two years that will create approximately 60,000 direct and indirect jobs. And each neighborhood is playing a distinct role in Brooklyn’s tech revolution.
Dumbo is home to large industrial spaces that are primed for transformation. The area also has a wide range of digital and creative companies working in close proximity, breeding innovation and collaboration. This combination has made Dumbo something of a “neighborhood incubator,” and has attracted prominent technology companies like Etsy, Huge and Amplify.
The Brooklyn Navy Yard, home to Steiner Studios, currently has more than 330 companies and 7,000 workers. The Navy Yard already has 4 million square feet of office space in use, and will be adding an additional 2 million s/f by 2017.
The third Tech Triangle area is Downtown Brooklyn, which is home to the borough’s tallest buildings, as well as a plethora of residential projects. Due in large part to its existing status as a commercial center, Downtown Brooklyn has also seen a robust increase in office development.
Brooklyn’s explosive population growth, particularly among Millennials, has also played a role in the borough’s emergence as an incubator for technology, advertising, media and innovation (TAMI) companies. And as investors and developers continue to eye Brooklyn, the future is certainly bright for the borough.
Please read more about GFI’s Brooklyn Report at http://bit.ly/2d0APrI
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