Jamie Katcher of JLL: 5 Questions

The wave of artificial intelligence company leases in New York City seems to be just getting started. In the first quarter of 2026 alone, AI companies doubled their 2025 footprint, according to JLL data. And, just this week, Commercial Observer reported that Anthropic is considering a full-building, 465,630-square-foot lease at AEW Capital Management’s 330 Hudson Street.

To support clients through this rapid influx, JLL formed its Tech Practice Group in 2025 and placed Jamie Katcher at the helm. Katcher cultivated his specialty in the city’s technology sector during his 20-year run as a commercial broker at Cushman & Wakefield, followed by a short stint as head of the New York office of San Francisco-based tech brokerage Raise. JLL acquired Raise in 2024, and Katcher’s tech expertise was put to good –– and timely –– use.

Katcher recently sat down with CO last month to share his thoughts on how the AI boom is shaking out across the Big Apple.

The following conversation has been edited for length and clarity.

Commercial Observer: What is the purpose of JLL’s Tech Practice Group?

The thought process behind the group itself was to not only bring the brokers or the advisers in the room together, but it’s also bringing other verticals within JLL that are supporting the tech sector, so that we can bring best practices to our client. The sector is moving at such a fast pace that the more knowledge we have within the room, not just focusing on one part of the process, gives our clients the best information out there.

We pride ourselves on establishing relationships with the earliest stage companies. It’s tech, it’s AI, it’s all kind of clustered together. We are spending a lot of time on these companies that are maybe just getting established, maybe as the company is going through their first raise, and through the evolution of their growth. 

As these companies are growing, they are leaning on us for more information and more data points from a market standpoint that can help them make those decisions clearly. We take these companies from their earliest stage, and we grow with them. We are essentially wanting to be their partner throughout that trajectory. It’s about feeding into the tech ecosystem, and it doesn’t happen overnight.

How has leasing activity changed within the AI tech sector?

Jamie Katcher: In this really short period of time, they’ve gone from this story of future demand to a very active and viable part of the leasing market. Even a year ago, the tours and the transactions that were happening in the market were not as spotlighted as they are today. I think, today, they’re showing up in the regular pipelines, and they’re showing up more competitive in the market.

This shift is dictated by the numbers. It keeps changing every day, but let’s say it’s over 400,000 square feet in New York City today –– that’s nearly half of what we leased in 2025, and we’re only kind of tipping into the second quarter.

The activity is starting to outpace what we saw in previous years, and it’s noticeable how frequently these companies are in the market, and how quickly they are moving to find those right opportunities.

How does this affect the rest of the office market?

As AI demand is tightening the market –– and they’re particularly focused on these higher-end or quality assets –– the vacancy, obviously, is then declining. A lot of them would say that in years past they weren’t so focused on some of the assets they were looking at now. They’re more conscientious of the buildings they’re looking at, because they might be having customers, or from a recruiting and retention standpoint. They’re starting to look at the better buildings, which then just puts direct pressure on the quality of buildings that are left. 

Looking ahead, the question that many are asking is how will AI demand impact the next growth cycle? As they start to take over different parts of the market, where do the rest of the people go? It becomes like this musical chairs concept.

New York City has had waves of tech investment throughout the 25 years you’ve been in the business. How is this moment playing out in comparison?

This feels a little more grounded than prior waves. I think a lot of these companies are well capitalized, and that demand is really being driven from how they’re adapting to AI. It’s just not like one single trend that’s happening. I think the markets are in a healthier position today from that. The higher end of the market, in particular, is being so supported right now by these other companies that are touching the AI sector.

Most of the new demand is sitting in Midtown South, but, within Midtown South, you have pockets that are feeding more concentrations of activity than others, given the availability in that market and the quality of those assets. The real question becomes what does that next tier do to step up their game, to either lease or reposition their asset to be part of this conversation?

Tell us about some of your recent deals. 

We just represented a company called Blue Fish AI, that we just headquartered. They moved to 315 Park Avenue South. We have been working with the founders for years. I worked with one of the founders at his prior company before that company was acquired. That’s part of the strength of that tech ecosystem. We were working with them for so long that, as he was building this next company, we were kind of hand in hand, side by side with them, and we just secured the first phase of their headquarters.

We’re very active with early stage companies, too, that are coming out of stealth mode, that are very excited to be part of the tech ecosystem as well.

Emily Davis can be reached at edavis@commercialobserver.com.