Small And Midsize Deals Continue Strong Leasing Momentum In Lower Manhattan
Lower Manhattan leasing activity was up 38% over the five-year quarterly average and was driven in large part by small and midsize deals under 100,000 sq. ft that accounted for 70% of all new activity — including nearly a third of which were small deals under 25,000 sq. ft., according to the Alliance for Downtown New York’s Q3 2019 Lower Manhattan Real Estate Market Report.
With 5.61 million sq. ft. leased so far, this is the highest year-to-date leasing total since 2000 and has already surpassed 2018’s year-end total.
“Companies of all shapes and sizes are continuing to migrate to Lower Manhattan in large numbers for its competitive pricing, unparalleled transit access and diverse space,” Downtown Alliance President Jessica Lappin said. “Oftentimes the headlines are overshadowed by household names making large deals in our neighborhood. But it’s really the steady succession of growing firms and small services that have pushed our ongoing recovery efforts and changed the face of Downtown.”
Read the full report here.
The district also welcomed 36 new restaurants and shops in the third quarter. In the Seaport District alone, Bar Wayō, a Japanese bar and restaurant by David Chang, and Malibu Farm, a healthy California-based eatery, opened on Pier 17. McNally Jackson Books and Alexis Bittar opened on Fulton Street. A new restaurant by Andrew Carmellini is expected to open later this year on Pier 17. Elsewhere in the neighborhood, Chikarashi Isso, a Japanese restaurant opened at 38 Rector Street; Gnoccheria, an Italian restaurant and bar, opened at 100 Broad Street and fast casual eateries Cava and &Pizza opened at 63 Wall Street, Los Tacos No. 1 at 136 Church Street.