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Amazon deal creates tech space real estate boom in New York

The Big Apple is bracing itself for a flood of business thanks to the latest Amazon decision. New York is expecting the real estate market to be flooded with deals now that Amazon has announced that Queens will be home to its new headquarters, bringing the city to the forefront as a major technological hub. The technology industry, which is seeing steady job growth, is catching up to financial services in the city as being the number one employer.

Analysts are saying that Amazon's decision solidifies the reasoning that in order to compete for the best talent out there, tech companies need to be in larger urban areas. Millennials with degrees flock to places like New York City. Plus, Amazon's decision is expected to have a definite impact on who is looking for office space and what type of space they're needing. 

The prime real estate that Amazon purchased in Long Island City has the potential to house 20,000 employees. Amazon may get a neighbor soon with Facebook close to a deal on a lease. Meanwhile, Twitter has just extended its footprint in New York with a five-year lease extension. 

So, it looks like technology is setting the commercial real estate world on fire in New York. These deals are accompanied by legalities that can be very complex. A real estate attorney's know-how can help to ensure any contracts adhere to the letter of the law. A lawyer will be knowledgeable in all facets of real estate, including lease agreements, negotiations and tax implications.

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