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New York's hopes of becoming a hub for artificial intelligence companies could get a major boost from the biggest name in the space.
OpenAI, the company that created ChatGPT, is looking for up to 60K SF of office space in the city, Commercial Observer reported, citing unnamed sources.
Raise Commercial Real Estate is acting as OpenAI’s broker, with former Cushman & Wakefield broker Jamie Katcher heading up the efforts, according to CO.
While OpenAI doesn't appear to have a New York presence, the company has been expanding its Bay Area footprint, taking 487K SF across two buildings that had served as a piece of ride-sharing company Uber's headquarters in San Francisco's Mission Bay submarket.
OpenAI has been one of the most discussed tech companies since debuting ChatGPT and is one of the fastest-growing tech companies in history, with its annualized revenues hitting $2B, The Financial Times reported.
But the industry faces obstacles to growth, including a shortage of chip manufacturers able to make the hardware necessary for the tech to take off. Earlier this month, OpenAI CEO Sam Altman announced plans to raise trillions of dollars for the effort from investors such as the United Arab Emirates government.
OpenAI's growth will be pointed to as another signal that Manhattan's office market is on the road to recovery, but its availability remains at an all-time high. New York Gov. Kathy Hochul is making AI a central push of her economic development strategy, announcing last month plans to deploy $275M in taxpayer funding toward the development of an AI center to be shared by the state's public and private universities.
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