Lower Manhattan Real Estate Market Overview Q1 2018

Lower Manhattan Real Estate Market Overview Q1 2018

The Alliance for Downtown New York is pleased to release the Q1 2018 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.

Major findings include:

  • Commercial Leasing – Despite soft leasing activity, the vacancy rate remained below 10 percent for the 5th consecutive quarter. Additionally, 3 World Trade Center expects to open in June 2018, with GroupM occupying space shortly thereafter.
  • Tourism – Newly released figures cemented Lower Manhattan's status as a place to visit, with 13.6 million tourists in 2017, an eight percent increase over 2016. 
  • Retail – Nightlife and entertainment continue to expand with cocktail bar openings and the announcement of Live Nation's partnership at Pier 17 in the Seaport District.
  • Residential – Residential sales metrics returned to typical averages as the legacy contract pipeline emptied at high profile, luxury properties.
  • Capital Projects – The Port Authority signed a 99-year lease with the Ronald O. Perelman Performing Arts Center at the World Trade Center. Q1 2018