01/02/2014: Space squeeze: Lack of “crummy” office space will be a challenge for startups and others

The New York City office market must continue to adapt to the growing requirements of technology companies. Within a few years, Class B and Class C office space (typically sought out by tech companies) will be completely occupied, with a shortage of at least 6.3 million square feet by 2025. Finance, insurance and real estate sector companies accounted for 32% of the city's economy in 2012, down from 53% in 2002. During that same period, technology and media companies have jumped to 25%, from 9% a decade prior. [read more]