June 29, 2017
Once a company moves to Manhattan’s Midtown South neighborhood, they tend to stay, and stay.
“Relocations in Midtown South since 2012 have predominantly been from within the market, proving that tenants are more likely, and prefer, to stay in Midtown South,” according to JLL’s latest New York City Snapshot.
The neighborhood has become known as the creative hub of New York City, according to JLL. In the last five years, new leases have mostly been signed by companies in technology, advertising, media and information (TAMI), including Google, SONY, Facebook and Twitter.
Finance, insurance and real estate companies accounted for the second largest share of relocations. These firms have leased over 200,000 square feet of space in Midtown South so far this year — much more than the historical average.
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