New York is now the most technologically advanced city

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New York is now the most technologically advanced city

New York City is the place to be if someone is thinking about starting a business.

New York City is the place to be if someone is thinking about starting a business.

Photo taken by Johana Brower

New York City is the place to be if someone is thinking about starting a business.

Photo taken by Johana Brower

Photo taken by Johana Brower

New York City is the place to be if someone is thinking about starting a business.

Johana Brower, Staff Writer

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Amazon has recently picked New York City for its second headquarters. As New York City has just surpassed Silicon Valley as the most technologically advanced city, it is the perfect city for Amazon to expand its services. This is the first time New York City has never been ranked No. 1 amongst the 30 biggest cities.

To determine which city is the most advanced, a group measures each individual city’s metrics, ranging from volume of inward venture capital (private equities put into new and expanding businesses), overall infrastructure and the cost of a cup of coffee in order to figure out which city is truly the best place to be for growing tech companies. Also, while these two U.S. cities topped this year’s list, five Chinese cities made the list for the very first time in history. But several of these cities now also account for a higher share of venture capital investment than U.S cities.

“Beijing, for example, recorded an average of $34 billion of VC per year in the last three years, surpassing both New York City and San Francisco,” said Savills real estate services.

Savallis calls these cities “Tech Cities,” and all of them are outperforming other global centers. Their GDP (gross domestic product) will increase by 36 percent in the next 10 years, which surpasses other cities that will only grow at a 19 percent GDP. All of this information might be confusing to read, but what the data is really trying to identify is that New York is the place to be as a new business thinking of starting up or expanding.

A study was put into place to see whether New York City or San Francisco had a better expansion of co-working space. The average co-working cost for a desk in a private office is $590 in New York and $1,050 in San Fransisco. The lower the co-working cost, the better for the city because that can lead toward the growth of the global tech sector.

The race to be the most innovative, expanding, technologically advanced city is an ongoing race that will challenge people to come up with new ideas that could help the world. So maybe some competition is necessary for day to day life, if it can mean saving the planet.