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Silicon Alley provides a path to New York City’s prosperity

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I remember 9/11. We honor and remember the first responders, all who served our country, and most importantly, those who died as a result of that tragic day. We will never forget.

On Tuesday, December 5, 2017, World Trade will change the color of the leaves of the “Survival Tree” … [+] Center Memorial in New York. The callery pear tree that was burnt down in the terrorist attacks on September 11, 2001 was revived and replanted in the memorial plaza. (AP Photo / Mark Renihan)

Associated Press

Callery pear trees flourish at Ground Zero at the 9/11 Memorial & Museum in New York City. Saved from the rubble and restored, the tree was restored to its original location in 2010.

If you look at it today, you can see how the charred and twisted trunk smoothes the new branches. A symbol of NYC’s resilience, the Survivor Tree thrives on the same soil that died almost 20 years ago.

The events 20 years ago are worth remembering today as well as the recovery from them.

We’ll cover this as well as today’s important anniversary. But it’s also because the city is facing another crisis. The Covid-19 pandemic can have happened in a very different way, but people are still skeptical about New York, the future of New York.

The high population density of cities created unique challenges during the pandemic and encouraged politicians to respond in some particularly fierce ways. Whether right or wrong, the resulting economic impact was particularly cruel.

Some economists have a bleak outlook on the once vibrant metropolis. And I’m not saying they don’t have a reason for that opinion.

But it may be that they simply cannot see the forest because of the trees.

New York City was previously skeptical. Still, it always went through for some reason and somehow. So there is a very good reason to think it will happen again.

In this case, focusing on the emerging technology sector may be the key to the future.

Danny Fishman, co-founder of Gaia Real Estate, believes that in the long run, NYC will always reform itself. We are now shifting from old Wall Street money to technology.

Let’s explore that possibility

Silicon Alley’s new power landscape

Did you know that New York City has nearly 300,000 engineers, 44 coding schools, and over 500 technical education programs? Sharon Zukin describes how New York City became a technology hub:

This is different from the technology-driven gentrification that has upset San Francisco and the corporate strength that has been exercised against taxes in Seattle. But it’s a new landscape of power.

At present, the city is second only to Silicon Valley as the world’s largest technology ecosystem.

Named Silicon Alley, this hub continues to grow. According to a joint venture between Accenture ACN and Tech NYC, 85% of companies are willing to increase their search for new technology talent. This shows that there are over 24,000 open technology jobs in New York, according to LinkedIn (LNKD).

It also appears in real estate.

Google GOOG (GOOG) plans to eventually have a total of 1.7 million square feet of Manhattan office space, as first announced in 2018. In 2021 alone, we plan to invest $ 250 million in the city.

Apple AAPL (AAPL) plans to expand its footprint by another 220,000 square feet at Pen Plaza.

TikTok has signed a rental agreement for over 232,000 square feet of real estate in Times Square.

Amazon AMZN (AMZN) will lease 335,000 square feet of office space in Manhattan and production space in Brooklyn.

Facebook (FB FB) has leased 2.2 million square feet of space to Manhattan.

It is important in itself. But the tech giant isn’t the only player in NYC’s tech ecosystem. Startups also play a big role, with nearly 9,000 of them based there.

It also totals.

Diverse technology ecosystem awaiting expansion

Why is New York City an ideal environment for the technology sector?

For one, it is already home to the largest companies in many countries. And these companies are increasingly in need of technology to keep up with modern demand.

Indeed, today, every company is a technology company. So why don’t the people who promote their existence want to be the place where they are most influential and profitable?

A long list of major New York City companies also means that there is a deep pool of venture capital available. In fact, it has more money than anywhere else in the world.

Therefore, promising tech startups can more easily find the venture capital they need. And, as you probably know, tech startups are always looking for more venture capital.

The more it is, the better.

In addition, Big Apple attracts talented people from anywhere in the world. The result is an educated, skilled and diverse competitive workforce.

Simply put, tech companies, big and small, can spend Field Day at Big Apple.

Local Talent: Tell It For New York!

A crowd of (very large and very powerful) engineers in New York City itself wants to grow. In fact, they want to grow a lot.

According to a survey by Accenture and Tech NYC, 62% of NYC’s tech executives will hire new talent by the end of next year. And they aren’t the only ones wandering around in the area.

Take Rin McMahon. She said, Managing Director of the New York Metro Office.

“More than ever, New York City companies need to prioritize innovation, and the only possible way is to hire the right technicians and technological advances.”

The city is determined to maintain and expand its local talent pool, in particular, and to develop several initiatives for it. Union Square Tech Training Center, as one of them, trains thousands of people each year at all experience levels. But its special focus is on moving relocated workers into a post-pandemic technology career.

Fullstack Cyber ​​Bootcamp, on the other hand, offers training in technical and cyber security skills in combination with resume assistance, networking opportunities, and exclusive in-house job fairs. Tech Talent Pipeline also offers a free screening process by top New York CTOs and tech experts to help tech companies hire new hires from universities and tech bootcamps in New York.

The city itself is trying to further expand its talent pool by implementing programs such as Computer Science for All. To be precise, the program will eventually be extended to teach computer skills to all New York public school students grade by grade.

Basically, there is a lot of growth that needs to happen. However, even after reading this, many growths have been implemented or set up.

Final thoughts on the rise of New York and Silicon Alley

Dorothy Parker, a founding member of the Algonquin Round Table, a group of New York City writers and artists, said:

London is happy. Paris has resigned. But New York always has hope. I always believe that something good is about to come off and I have to hurry to meet it.

In the past, the good things have come in many forms. But today it could definitely include technical elements.

Again, New York City is in a unique position to thrive in accepting and nurturing the technology sector. In that case, real estate investment trusts (REITs) based there should easily benefit from this move.

who knows. After all, technology may not be the only thing that pulls Big Apple back from the brink. Perhaps there are other factors as well.

But nevertheless, I haven’t given up on this resilient city. Where there is a will, there is a way.

And New York has a will like some others.

Imlong Boston Properties (BXP), SL Green (SLG), and Alexanders (ALX).

Sources

1/ https://Google.com/

2/ https://www.forbes.com/sites/bradthomas/2021/09/11/silicon-alley-provides-path-to-prosperity-for-new-york-city/

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