Lower Manhattan Real Estate Market Overview Q2 2016

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.