‘TAMI’ companies are filling up FiDi spaces

A Lower Manhattan real estate report by the Downtown Alliance BID tracks the diversification of the area’s office tenants.

BY COLIN MIXSON | Companies in the technology, advertising, media and information fields are snatching up leases in the Financial District left and right. In doing so, they’re outpacing the Downtown neighborhood’s traditionally dominant players, investment firms and insurance agencies.

Lower Manhattan continues to expand and diversify in the wake of 9/11 and the 2008 financial crisis, according to a recent real-estate report released by the Downtown Alliance business improvement district.

“It’s amazing that Lower Manhattan has diversified its economy so rapidly in an expanding market,” said Downtown Alliance President Jessica Lappin. “This kind of shift is more often seen over several decades. But here in Lower Manhattan, we’ve witnesses significant growth in just 10 years.”

Businesses representing the so-called “TAMI” fields, short for “technology, advertising, media and information,” and including PR Newswire Cision, visual-effects company Frame store, and Undertone, a digital advertising company, represented 35.2 percent of all new leasing activity to date this year.

Meanwhile, financial, investment and real estate businesses, which are grouped together as “FIRE” industries, fell behind, with only 15.6 percent of new leases during the the same time frame, according to the Downtown Alliance.

FIRE industries still represent the lion’s share of occupancy in Lower Manhattan, but their share of Downtown office space has fallen from 55 percent in 2008 to 35 percent today.

The amount of space occupied by TAMI businesses, meanwhile, has tripled from 5 percent to 15 percent over the past decade, according to the Alliance report, which noted that 41 percent of the World Trade Center campus, which includes One, 3 and 4 World Trade Center, is now filled by companies in the TAMI fields.

WeWork, a shared workplace provider, netted the single largest lease this year, signing a deal to occupy a nearly 77,000-square-foot space at 85 Broad St.

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