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Cash-Rich Tech Companies Are Remaking Post-Pandemic Manhattan

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High-profile purchases, leasing deals and hiring have seen technology companies threaten to upend Wall Street’s historic role as New York’s dominant industry

of data centers across the world — making its Manhattan holdings a relative drop in the bucket.

While the tech industry was born in Silicon Valley, New York’s focus on the sector kicked into gear in the 2000s under Mayor Michael Bloomberg, whose eponymous data and financial intelligence company was the city’s largest tech tenant at the time. Bloomberg vowed to wrestle away New York’s reliance on the finance sector, launched initiatives and in 2011 spearheaded the $2 billion development ofThe bet has had a strong effect on both the tech and finance industries.

However, the information sector is closing in on financial services as New York’s biggest producer of economic output, according to figures provided toby the Partnership for New York. Citing data from labor market data company Emsi, the organization found that from 2015 to 2020, the information sector’s share of New York’s Gross City Product grew from 10% to 13%, while the financial services industry only rose from 18% to 19%.

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