Crain’s New York Business (10/11/10) reports that new data indicates a departure from tradition in the fields that are driving the NYC office market. Among the 16 sectors that are tracked by Co-Star Group Inc., those that have lagged vs those that are actively driving the market are currently changing. Law firms and communication companies led the pack in the past 12 months in increasing the proportion of office space they lease in the city. “Law firms have taken full advantage of falling rents,” says Aaron Jodka, senior real estate economist at Costar. “Communications companies, which include Internet publishers, are the major growth industry of the U.S. economy, and they continue to take up more space.” He added.
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