Manhattan saw more financial technology (fintech) leasing in 2017 than it had in the previous three years combined, indicating the industry’s significant growth potential. Fintech tenants signed 877,171 square feet of leases last year, led by JPMorgan Chase (JPMC) and Mastercard, which both signed leases for their technology-oriented operations groups. JPMC took 428,365 square feet at 5 Manhattan West while Mastercard took 212,500 square feet at 150 Fifth Avenue.
Fintech, omni-channel strategies are re-shaping real estate demands, re-defining financial centers
As banks continue to recover from the last financial crisis they also face heightened regulation, potential for security breaches and a squeeze on expenses. According to JLL’s North American Banking Outlook, this is having a major impact on their real estate decisions. While banks still represent the largest occupiers of trophy Class A office space in most major cities, the financial… Read More