Is the Penn Plaza/Garment submarket becoming the new TAMI frontier?

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New York Chart of the Week: August 25, 2014

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  • The TAMI (tech, advertising, media, and information) sector has increasingly migrated to the Penn Plaza/Garment District—the sector’s office footprint in the submarket has grown to 21 percent from 14 percent in 2012.
  • Though the TAMI sector occupies 46 percent of the neighboring Chelsea submarket, the sector’s Penn Plaza/Garment footprint is quickly closing in on Chelsea—5.97M s.f. in Penn Plaza/Garment compared to 8.13M s.f. in Chelsea.
  • Recent TAMI relocations from Midtown South to Penn Plaza/Garment include Yodle and Deutsch Inc. at 330 West 4th Street and R/GA’s commitment to relocate within the submarket.

Source: JLL Research

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