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2019 crowns Manhattan as one of the world’s primary tech centers
Fourth-quarter leasing activity stood at 12.6 million square feet (msf), bringing total 2019 leasing to 41.5 msf and outpacing last year's total of 40.4 msf. The technology, advertising, media, and information (TAMI) sector drove more than 35.0% of yearly activity. FAANG (Facebook, Amazon, Apple, Netflix and Google) tech giants alone leased more than 3.3 msf in Manhattan this year. During the quarter, Facebook concluded a search for a new local headquarters, leasing 1.6 msf across 50, 30, and 55 Hudson Yards. With this new lease, Facebook now occupies 2.6 msf in Manhattan. Amazon also secured an additional 335,408 square feet (sf) at SL Green’s 410 Tenth Avenue in Hudson Yards this quarter. This lease is Amazon's largest expansion in New York since the backing out of its planned Long Island City HQ2 earlier in the year.