In recent years, Apple and Yelp are among nearly a dozen tech firms that have been drawn to New York City's Union Square -- aptly termed Silicon Square.
The Wall Street Journal reports that while other neighborhoods have attracted similar clusters -- even Google -- Union Square is becoming the new hotbed for technology in New York City.
It's part of a noted trend of tech companies moving away from suburban office parks and into the city. So why is Union Square great for attracting clusters of tech firms?
Union Square appears to have the most momentum, said Matt Meeker, organizer at Dogpatch Labs NYC, a co-working space in the neighborhood that offers mentorship for new companies.
"I can hardly walk through Union Square and not see people I know and see other tech entrepreneurs just hanging out or having lunch," Mr. Meeker said.
Innovation happens where tech companies cluster. That's why there are places like Silicon Valley. That's also why dense urban areas are a natural fit for startups, co-working spaces, and major tech companies alike. But aside from the presence of other tech firms, here are the other reasons the companies cite for moving to the city:
- Easy access to the subway and PATH commuter trains
- High number of restaurants and bars
- Ability to live near work
- Union Square's creative vibe (compared to Financial District and Midtown)