Lower Manhattan Real Estate Market Overview Q1 2017
The Alliance for Downtown New York is pleased to release the Q1 2017 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Commercial Leasing – Lower Manhattan saw its highest quarterly leasing activity in over two years and was home to the first quarter's three largest deals citywide. Lower Manhattan's tech presence intensified with Spotify's announcement to relocate to the now fully leased 4 World Trade Center.
- Retail – Brand name restaurateurs continued to announce new projects at 3WTC, 28 Liberty Street and 70 Pine Street.
- Residential – Closings at high profile residential projects kept residential market metrics robust.
- Hotel – Hotel development charged ahead with room inventory expected to grow by another 19% by year end 2017.