Move over Wall Street, the tech boom is driving New York’s housing market

Move over Wall Street, the tech boom is driving New York’s housing market

NY’s tech scene has grown significantly over the past few years. In fact, it has grown so much so that it may be on its way to displacing Wall Street’s jobs and bonuses as the driving force behind the city’s real estate market.

According to a report by NY1, “Wall Street bonus season [has always been] an exciting time for the market,” but now Eric Benaim of Modern Spaces says it’s “all about the IPO. Now each time a tech company offers an IPO, it will also offer sellers a whole new stock of big buyers.”

More from the report:

When it comes to new construction, developers are so in tuned to this demand that they are offering new amenities to help draw in these high tech buyers. For example, iPod and iPad stations, free Wi-Fi and high-tech smart appliances.

Now these buyers are incredibly savvy because they know how to navigate every app and online resource, something sellers need to keep in mind.

The cause for the recent and rapid growth of New York’s tech industry is due to numerous factors, including the success of early NYC startups and NY’s media and ad agency ties.

Lately though, much of New York’s best bets for success involve the growth and camaraderie of the overall community as well as future investments like Cornell’s Tech Campus on Roosevelt Island and legislative support from the likes of NY Mayor, Mike Bloomberg.

New York aside, much of the United States is realizing the tremendous potential the technology sector has for revitalizing the national economy, just as Silicon Valley did years ago. Even the White House has joined in, partnering with Codecademy to offer “Code Summer+,” a program that will teach programming skills to low-income and disconnected youth during summer 2012.

What do you think of NY’s tech boom? As it continues to grow, will it rival California’s own Silicon Valley, or should the two even be compared? Share your thoughts via the comments below!

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