The tech takeover of Manhattan has occurred in visible ways - the Salesforce logo replacing MetLife above 1095 Sixth Avenue near Bryant Park, for example - and in more subtle ones, such as the receding of bank offices. Tech employment has also surged: Between 20, the number of tech employees in the city grew from 108,000 to 167,000, while the number of securities employees shrank from 190,000 to 176,000. The number of tech companies in the city surpassed more than 10,000 in 2020, more than double the number 20 years ago - and almost twice as many as securities companies.
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“Now I’m guessing you’d have to take over Madison Square Garden, plus the Javits Center to fit everybody in.”ĭata provided to Forbes by the New York State Comptroller’s Office provide an expansive view of this phenomenon. “If you were having a cocktail party for all the people who worked in the internet in New York, you could fit them all in a bar,” Armstrong says. Two decades ago, Tim Armstrong, 50, became Google’s first New York-based employee. The surge in real estate occupancy shows how technology companies are rapidly displacing counterparts in banking and finance as the city’s biggest industry in the aftermath of the pandemic: Big tech also leads in employment growth and by volume of companies. Google’s takeover of Manhattan’s West Side has been mirrored to varying degrees by Amazon, Microsoft, Apple, Facebook and Salesforce, each of which has established a campus in the city. real estate transaction since the pandemic, a $2.1-billion purchase of the under-construction St. The technology giant followed up last month with the largest U.S. Google made waves in Manhattan real estate when it bought the iconic Chelsea Market and its 2.9 million-square-foot New York headquarters building within a few years of each other in the past decade.