While Silicon Valley is usually the first place people think of when it comes to startups and venture capital in general, the East Coast – and New York in particular – seems to have an edge up when it comes to the real estate sector. Proptech (short for “property tech”) companies especially like the city, as evidenced by a number of startups opting to move their headquarters there from other locales. This is in addition to the proptech companies who started operations in the area.
It appears that real estate-related companies aren’t the only ones choosing New York over the West Coast. Earlier this year, Bloomberg reported the results of a study that found “New York ranked first in an index measuring 30 global tech-heavy cities” as analyzed by real estate brokerage Savills Plc. (San Francisco came in second and London third.)
That index cited New York’s strengths as its “volume of venture capital cash, large pool of talent — both homegrown and people attracted to the city — and the opportunities that exist for them.”
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