Younger firms are driving office leasing in the city

The share of young, tech-driven firms leasing office space in the city has skyrocketed, driving down the average age of businesses that are signing deals to 27 years old, down from 29 years in 2019, according to data from Newmark.

Demand for space from tenants that have been in business for less than 10 years grew by 514% during the pandemic, compared with 226% in 2019, with some of them leasing 10 times more space than they occupied in 2019, the report said.

“I kept coming across companies I’ve never heard of going from 20,000 square feet to 60,000 square feet,” said David Falk, president of Newmark’s New York tristate region.

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