As of 2024, New York City has outranked London and Singapore to become the most attractive financial center in the world. Not only is it home to the NYSE and the NASDAQ, the world’s largest stock markets, it’s also regarded as the capital of enterprise. Many large businesses are headquartered in the city, and of the 220,000 total businesses that chose to call New York City their home, roughly 89% are regarded as small businesses or startups, making New York the very definition of a business hub.
Aside from people and capital, there is one very important intangible asset that all businesses need – a home for their data. At present, there is a severe shortage of data center space in New York. Over the past few years, the New York data center market has encountered significant challenges caused by the lack of space in the city center. There is neither real estate nor power capacity available for new data center builds – the only option in NYC is to convert existing buildings into data centers.
