May 7, 2017
Midtown South has become a prime location for companies that are in the business of technology, advertising, media or information (TAMI).
But TAMI companies signed leases for less than a third of the total office space by square foot leased in Midtown South in the first quarter. That’s down from more than two-thirds the year before.
TAMI companies simply have less venture capital money to spend so far this year. “During the first quarter of 2016, creative tenants raised $1.98 billion in the New York area, whereas in the first quarter of 2017, venture capital funding dipped to $866 million,” according to JLL.
Other kinds of companies leased a larger share of the office space in first quarter 2017. Non-TAMI tenants, such as finance, insurance, real estate and business service companies increased their presence in Midtown South.
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