Emerging firms are driving positive absorption in the New York City office market as the pandemic wanes, with fast-growing firms in the TAMMI industry increasingly beefing up their footprints.
A new report from Newmark shows that demand from emerging TAMI tenants – defined as those who were established less than 10 years ago – has surged as of late, growing by 315 percentage points since the start of 2019. Newmark data suggests that firms like Alloy Freshly, and DailyPay have all grown by more than 1000% from their past locations, while Remarkable Foods, FUBO TV, Affirm and Square have expanded by more than 300%.
Those tenants are also clustering in Midtown South, which has more emerging tenants than both Midtown and Downtown combined. The TAMI sector has also posted the greatest increase in the number of tenants in the market of all industries, surging from 107 in 2019 to 132 as of last month.
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