New York Set to Replace Silicon Valley?
As media giants search for new office space in New York City, reports suggest this is just the latest digital development that could see NYC become a real competitor to Silicon Valley.
Word is that Facebook and Microsoft are currently stalking the busy streets looking for bigger and better office space in Downtown Manhattan.
For Microsoft, this may be a full on move from their Avenue of the Americas offices as the companyΓÇÖs lease is set to expire in 2014.
But for Facebook, which was recently valued at $104 billion on the Stock Exchange, the lease on their iconic building on Madison Avenue isnΓÇÖt set to expire until 2025 ΓÇô so any searching now signals an expansion for the company that seems only to grow from strength to strength.
Increasingly, for California-based social media firms, the bright lights of NYC have proven too hard to resist as the city is increasingly dubbed the ΓÇÿSilicon Valley of the EastΓÇÖ. In fact, recent reports suggest that start-up growth is down 10% in Silicon Valley and up 32% in New York.*
On the West Coast, Twitter has confirmed a move to a new campus on historic Market Square ΓÇô a move that is testament to the companyΓÇÖs oath to remain forever in San Francisco.
But in August 2011, the tweeting machine also made headlines by opening their first New York office space, and Facebook followed soon after in December 2011. Google, ever the trendsetters, have been residents of New York City since 2006.
Indeed, many Silicon Valley-based firms ΓÇô from the well-established eBay to the lesser known start-up Qwicki ΓÇô are currently either expanding or fully relocating to New York.
Is this now the future of the Digital American Dream?
Elsewhere in the USA…