The Start-Up NY program has enticed entrepreneurs and new technology companies to set up shop in all five of New York City’s boroughs and it has made technology a major economic driver in Brooklyn. The Brooklyn Tech Triangle has become a focal point for growth and development in the area and it is helping to create an abundance of high-paying jobs for the people in Brooklyn.

The new technology companies in Brooklyn are affecting several other economic drivers for the city. The real estate and construction trades are having a hard time keeping up with the demand of the new technology companies. The new tech start-ups are innovating the infrastructure of Brooklyn and creating a variety of new jobs in that area as well. Technology, more than anything else, is completely changing the look of Brooklyn’s financial future.

Brooklyn is benefiting from the influx of technology revenue into the area, but the industries that have ruled in Brooklyn for generations are still going strong. The insurance and finance industries have always had a home in Brooklyn, and so have the transportation and food service industries.

Financial organizations such as the Prudential and the Brooklyn Financial Group still occupy a large portion of downtown office real estate and hire many of the people. These large companies employ sales professionals, maintenance workers and a broad list of support personnel.

Brooklyn Business Funding Opportunities

Brooklyn does not rely solely on the Start-Up NY program to offer business funding to new businesses. The borough has a few large funding programs that businesses can utilize to get start-up funds, growth funds or operational cash.

The Brooklyn Library offers a Power Up! competition that awards a total of $21,250 in start-up cash to four entrepreneurs with business ideas. The Brooklyn Chamber of Commerce teams up with the New York Business Development Corporation to offer the Brooklyn Fund. This is a program that offers low interest loans to for-profit Brooklyn businesses. The Brooklyn Chamber of Commerce has a list of other funding initiatives it is involved in that help to fund Brooklyn businesses.

Average Cost For Office Space In Brooklyn

The massive growth in the Brooklyn business community and the influx of technology companies has helped Brooklyn to maintain a healthy average office rental rate of $30 per square foot. The advantage for Brooklyn is that this is more than half of the cost of renting average space in Manhattan, but Brooklyn offers the benefit of having a vibrant downtown and business community.

Brooklyn’s ability to offer lower rental costs per square foot than Manhattan could be in jeopardy if the growth in Brooklyn continues. The rate for new job creation in downtown Brooklyn alone is almost 20 percent and many of the commercial developers in the area are having a difficult time keeping up with the demand. As the vacancy rate for Brooklyn office space continues to drop, it is expected that average rental costs per square foot will go up.

Highest And Lowest Office Space Rents In Brooklyn

The large majority of new jobs coming into Brooklyn are white collar jobs that require a significant amount of office space. The highest rents in Brooklyn can be found in downtown business districts such as Pacific Street and Kent Avenue. In these areas, rents can run anywhere from $75 to $200 per square foot.

The lowest rents in Brooklyn are found in areas such as Ocean Parkway and East 12th Street. These tend to be more industrial areas where office space rent can be found for as little as $18 to $22 per square foot.

Sources:

www.city-data.com/city/Brooklyn-New-York.html
startup.ny.gov/
www.businessinsider.com/brooklyn-is-the-new-mecca-for-startups-2014-1
www.bklynlibrary.org/locations/business/powerup
www.ibrooklyn.com/