LREF: As the tech markets in London and New York mature, the role of the “start-up cluster” may be less important as the sector starts to disperse more widely throughout the two cities.
Delegates at LREF today listened as speakers representing tech markets on both sides of the pond discussed the similarities and differences between the two in a session on London vs New York: making space for tech.
Emma Cariaga, head of operations, Canada Water, British Land, said that as the tech sector matures, the historic clustering we have seen could become “less important” as the market disperses and becomes more mainstream.
Fellow speakers Ana Ariño, executive vice president and chief strategy officer, New York City Economic Development Corporation, and Dr Stephen Lorimer, Smart London strategy and delivery officer, GLA, agreed but added that affordability still plays a big role in where tech occupiers migrate to live and work.
“Prices have seen areas like Brooklyn, where Etsy is based, emerge as start-up hubs,” said Ariño.
“New York, like London, is in the middle of an all-time boom and it is all about attracting and retaining top talent.”
She added that as the tech sector is maturing in New York, a focus on life sciences is emerging.
“The city has the assets and infrastructure to become one of the top three life sciences locations in the world,” she said.
“And there has been $0.5bn investment into that.”
She added that infrastructure investment has also been a key consideration for ensuring New York was a start-up friendly city.
“We have seen major investment in the last two years in the NYC ferry. It has launched a whole new transit system in a city which has 600 miles of coastline and where four out of five of the boroughs are on islands.
“We have been able to connect Brooklyn, Queens, Manhattan and the Bronx to provide a cheaper, faster commute.”
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