The Real Deal New York

TAMI tenants give big boost to NYC job market

City created 425,000 new jobs since 2010

February 16, 2015 11:15AM

Buzzfeed's office in Manhattan

BuzzFeed’s office in Manhattan

New York has added 425,000 jobs in the last five years, but this time without the help of Wall Street. Instead, technology firms and other startups have been largely responsible for the latest boom.

While big investment banks and brokerage firms widely contributed to job growth in the 1990s, those have contributed less than 1 percent of jobs, according to the New York Times. Much of the growth is happening at quickly expanding internet companies such as Google, Facebook and BuzzFeed, according to the newspaper.

These companies, as well as many other TAMI tenants, have been seeking office space in Midtown South, Lower Manhattan and parts of Brooklyn. Facebook signed a lease to add 80,000 square feet at Vornado Realty Trust’s 770 Broadway. Twitter could already be looking for additional office space, before moving into its new headquarters on West 17th Street. BuzzFeed recently inked a lease to take up nearly 200,000 square feet at 225 Park Avenue South.

Ronnie Lowenstein, the director of the city’s Independent Budget Office, told the newspaper that it’s a “different kind of boom” than last time.

“It isn’t ‘Bonfire of the Vanities,'” she told the Times. “It’s a wide variety of firms in different industries that are contributing to a more diversified job growth.” [NYT] — Claire Moses

 

  • James Hudson

    This is an exciting time to be living and working in New York with this new tech growth. It is different from previous rounds of prosperity. If you are a company working with or for one of these companies, and need your own space, check out http://www.nycofficesuites.com. They have four building in midtown Manhattan that have various sized units with flexible time commitments and have several practical amenities. They understand how each business operates uniquely and will have different needs at different times. Check them out.

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