Lower Manhattan Real Estate Market Overview Q2 2017
The Alliance for Downtown New York is pleased to release the Q2 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 Manhattanlogged its highest year-to-date leasing activity since 2014 as its vacancy rate dropped to the lowest level in over four years. Lower Manhattan made headlines for its continued popularity with media companies including Business Insider and most recently Macmillan Publishers, which announced their relocation in late July.
- Transportation – With the arrival of the new NYC Ferry service at Pier 11-Wall Street, Lower Manhattan cements its status as a multimodal hub.
- Retail – Famed restaurants, casual eateries and grocery stores all opened, bringing destination dining and neighborhood staples to Lower Manhattan.
- Residential – Closings at high profile residential projects kept residential market metrics robust.
- Hotel – Demand is keeping pace with the growing supply of hotel rooms. Occupancy and average daily room rates showed positive growth.