While financial and law firm tenants have held off on expanding and have consolidated into class-A trophy buildings in top markets, growing technology firms are driving demand in submarkets dominated by class-B space, according to recent market reports by companies including Jones Lang LaSalle and Cassidy Turley. In New York City, tech firms have expanded in Midtown South and Brooklyn (as opposed to the higher-profile markets of Midtown North and Downtown Manhattan). The activity ...
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