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TAMI hub Midtown South sees surge in FIRE and PBS leasing, indicating the market’s desirability

  • ​As new and expensive product enters the Midtown South market, traditionally high paying tenants—the FIRE and PBS sectors—have relocated to the TAMI hub at a higher frequency than years past. So far in 2017, FIRE and PBS tenants have accounted for 43 percent of the total square feet leased from new and sublease deals. In comparison, TAMI tenants alone took 71 percent of this same total in 2014.
  • Among the firms relocating to Midtown South is insurance giant Aetna Inc., which is moving its headquarters from Hartford, CT after signing a 145,741 square-foot deal at 61 Ninth Avenue.
  • These numbers attest to the market’s low supply and rising rents. Midtown South overall asking rents have increased at a compound annual growth rate of 9.2 percent since 2011—a result of low vacancy (7.8 percent) and new office product. ​​

Source: JLL Research

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