Facebook and Amazon expanding in Manhattan
Posted by Wei Min Tan on December 7, 2019
The Wall Street Journal reported that Facebook is in talks to lease 700,000 square feet of office space at the Farley Building opposite Penn Station. In addition, Amazon signed a new lease for 335,000 square feet in Hudson Yards for 1,500 employees. Along with Google’s expansion of 1.3 million square feet in Hudson Square, New York is becoming the East Coast’s tech hub.
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Facebook, Amazon, Google’s expansion in Manhattan
Facebook is in talks to lease 700,000 square feet for 14,000 employees at the Farley Building on Eight Avenue across from Penn Station. This space is in addition to Facebook’s recent deal for 1.5 million square feet at Hudson Yards. Combined, Facebook will have more than 3 million square feet of New York office space, making it one of NYC’s largest corporate tenants along with JPMorgan Chase and Bank of America.
Amazon just signed a deal for 335,000 square feet of office space in Hudson Yards in a deal without any tax incentives from NYC or New York state. This is less than a year after the HQ2 pullout from Long Island City, Queens. The new space in Hudson Yards will be for 1,500 employees. Amazon’s expansion without tax incentives demonstrates New York’s attractiveness to the tech industry.
Earlier this year, Alphabet’s Google signed leases for 1.3 million square feet of space in three buildings in Hudson Square. The Hudson Square expansion is for Google’s second Manhattan campus where the tech giant plans to double its workforce by 7,000 employees.
Tech’s growth in NYC fuels more jobs
New York’s tech sector job growth between 2009 and 2018 increased at four times the city’s average private job growth rate. New York is very attractive to the tech industry because of availability of talent, the comprehensive transportation system, and cultural and entertainment activities. The growth in tech also fuels job expansion in housing, restaurants, car services and other personal services.
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