Midtown’s Tenant Mix
Commercial Observer
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Midtown Manhattan has emerged from the pandemic as the healthiest U.S. office market. Find out which tenants are making it tick. Also for today: More details on the $100 billion Taiwanese investment in new U.S. factories.
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— Tom Acitelli, Deputy Editor
Midtown’s Office Tenant Mix Post-COVID Leans Into Financial Services
Anchored by the enduring likes of the Empire State Building, Rockefeller Center and 601 Lexington Avenue, Midtown Manhattan tells a consistent story in its trademark buildings — but a more fluid one when it comes to commercial tenants. The neighborhood’s industries tend to fluctuate by the decade, with different office tenants leasing at different times. In the 1980s and 1990s, law firms, financial services firms and stock brokerages dominated Midtown’s commercial landscape, while before the pandemic technology, advertising, media and information services (TAMI) joined in with ramped-up lease activity. Since the pandemic, however, TAMI has tapered down, while one particular industry has solidified its position as the neighborhood’s most commanding tenant base. “Post-pandemic, financial services has been a leading driver of demand in Midtown,” said Reed Hatcher, senior research manager at Cushman & Wakefield. “That’s come as TAMI has fallen off somewhat in recent years.”
Trump and Taiwan Chipmaker Announce $100B Investment to Build Factories in U.S.
President Donald Trump and Taiwan Semiconductor Manufacturing Company (TSMC) CEO C.C. Wei announced Monday a new $100 billion investment to build chip manufacturing factories in the U.S. TSMC, which is the biggest semiconductor manufacturer in the world and produces computer chips for companies such as Apple and Intel, plans to build five chip factories in Arizona in the coming years, Reuters reported. "We must be able to build the chips and semiconductors that we need right here," Trump said Monday at the White House. "It's a matter of national security for us." Spokespeople for TSMC and the U.S. Department of Commerce did not immediately respond to requests for comment.
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