Tech Firms are opening businesses in New York City’s Financial District amid banks closing in the area.
Wall Street banks in New York City are closing. Manhattan’s Financial District was once the most notable and busiest place in the world that defined business. Now, organizations are slowly leaving the financial district empty.
While some businesses leave, real estate businesses, tech firms and many other companies are opening. For example, Real estate giant CBRE Group, is leasing one of the buildings in 60 Wall Street and will renovate it for $250 million.
Uber Technologies announced a move to the World Trade Center. It will be located at 3 World Trade Center. The company officially moved in late 2020 in the midst of the pandemic. Spotify and MacMillan Publishers have also announced that they are opening offices in downtown Manhattan.
The pandemic also impacted many companies during the closure of the financial center negatively and positively. The Time Warner Center was closed due to the pandemic, and recently in May 2021, it was renamed the Deutsche Bank Center as the bank bought the office. It was also an excellent time for the district because while many companies were closing for good, many opened new organizations there. As the city was rebuilding, companies’ looked-for better-quality office space. Since it is in downtown Manhattan with the popular neighborhoods around, it could become an attractive place for workers to live and work.