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Composition of new entrants highlights Downtown’s value proposition in the market

  • ​Midtown South-based companies represent the majority of relocations to Downtown in 2017―a testament to Lower Manhattan’s thriving culture and relative value.
  • Highlighted by firms such as Spotify and Macmillan, Midtown South tenants relocated roughly one million square feet to Downtown so far in 2017.
  • Of all relocations to Downtown in 2017, 74 percent of deals were signed by firms in the TAMI (tech, advertising, media, information) sector.
  • This TAMI activity is leading to a more diverse tenant base in Lower Manhattan. This bodes well for organic growth in the market, as the TAMI sector in Manhattan has seen employment growth of 62.1 percent since 2007, compared with financial services, which has seen muted growth since the recession. ​​

Source: JLL Research

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