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New York & Tri-State  + Office  |  December 11, 2019
Paul Bubny
By: Paul Bubny

Amazon Rides Wave of NYC Tech Tenancy

Amazon’s new commitment to 335,000 square feet of Manhattan office didn’t occur in a vacuum. Although the e-commerce giant scrapped its plans for a New York City headquarters campus, it’s part of a wave of tech tenants that are closing the leasing gap between the TAMI sector and financial services, traditionally Manhattan’s biggest office-using industry.

“We know they’re not done yet,” CEO Marc Holliday of SL Green Realty Corp., Amazon’s new landlord at 410 10th Ave. said during an investor presentation this week. “These West Coast companies are migrating to the East Coast in order to tap in to an expanded workforce that doesn’t really exist to the same degree in Silicon Valley.”

Google and Facebook also occupy millions of square feet in Manhattan, to soon include Facebook’s 1.5 million square feet at Hudson Yards. TAMI tenants now account for 24% of office leases here, while financial services represents 31%.

Pictured: Hudson Yards.

For comments, questions or concerns, please contact Paul Bubny

Read More News Stories About: Google, SL Green Realty Corp
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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