NYC’s tech sector continued on its usual growth trajectory in May

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Q2 tech leasing activity surpasses previous quarter

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The July issue of JLL’s NYC Tech Monthly reported that in May, tech employment increased by 5.8 percent year-over-year, again marking the largest industry growth among all major sectors. Month-over-month however, the sector experienced a decline, losing 600 jobs in May.

Other highlights of the report include:

  • The number of tech venture capital funding rounds climbed to 48 in June from 37 in May, but the amount of capital raised decreased.
  • After robust leasing in May (totaling 839,732 square feet) due to a number of large leases, tech leasing activity fell in June to 338,781 square feet. However, more tech leases were signed (18 in June versus 11 in May).
  • Though the bulk of tech leasing is usually in Midtown South, Midtown captured the largest number of transactions in June.
  • Internet companies dominate the 2014 New York Tech IPO Pipeline

Check out the report to learn more about activity in New York City’s tech sector.