House prices are up, and real estate websites are a hot item on public markets. Yet venture investors haven’t been too enthused with the real estate business in recent quarters.
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Growing tech and media startups are driving up rents in Manhattan. Rent in the most desirable Midtown South buildings rose 33% from a year earlier and by $10.08 from the prior quarter to $67.52 per square foot.
One can gauge the health of the startup economy by poring over venture funding stats. But a far more simplistic approach is to walk around the neighborhoods that startups favor, and see how much prime office space is still for rent. Based on a recent trip through San Francisco’s entrepreneur-heavy South of Market (SoMa) district, [...]