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