Lower Manhattan Real Estate Market Overview Q2 2016
The Alliance for Downtown New York is pleased to release the Q2 2016 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
-
Employment – Private sector employment climbed to more than 232,200 employees as of the end of 2015, marking the 6th consecutive year of growth and the highest point since 2001.
-
Commercial Vacancy – The vacancy rate dropped to 9.8%, reflecting large deals from existing Lower Manhattan tenants moving or expanding within the district such as Hudson River Trading and the NYC Department of Finance.
-
Retail – The shops and restaurants at Westfield World Trade Center will debut on August 16th, 2016, with anticipated employment totaling over 10,000 full and part-time workers.
-
Connectivity – The opening of the Dey Street connector provided the final link in a seamless underground pedestrian walkway linking Fulton Center to the World Trade Center Transportation Hub, 4 World Trade Center, One World Trade Center and Brookfield Place.
-
Open Space – Open space continues to flourish with major unveilings at The Battery, Governors Island and Liberty Park.