Google Growth Crowds TAMI Tenants Out of Hudson Square
Long a reliable source of large, value-add office space, Hudson Square is now the tightest submarket in Midtown South. One of the main reasons, says Transwestern, is Google.
Even as it paid $2.4 billion to acquire Chelsea Market in early 2018, with plans to add more space to the property, the tech giant finished the year with two leases totaling more than 450,000 square feet in Hudson Square.
The company committed to 280,000 square feet at 315 Hudson St., and 180,000 square feet at 345 Hudson. That leaves just one block of more than 100,000 square feet in the submarket.
“This significant availability shift in Hudson Square will continue to force high-growth TAMI tenants out of Midtown South,” said Rory Murphy, partner, Transwestern. “With New York City on the rise as the world’s top technology city, we are certainly discussing other submarkets for our TAMI clients, most notably Lower Manhattan.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).