Lower Manhattan Real Estate Market Overview Q3 2015
November 5, 2015
An overview of Lower Manhattan's real estate market performance in the second quarter of 2015, including commercial office, residential, hotel & tourism, retail, and capital improvements.
Major findings include:
• Commercial – Q3 leasing activity rebounded from a slow first half of the year with three deals signed over 100,000 square feet, as well as large pending media deals at Brookfield Place and the World Trade Center;
• Retail – Major shopping and restaurant announcements at the Seaport, Westfield and across the district;
• Residential – details emerged for two conversion projects and a new development project along Wall and Broad Streets;
• Hotels – three more hotels are anticipated to open by the end of the year – resulting in a 17% increase in hotel room inventory over 2014;
• Capital Improvements – Mayor de Blasio announced an investment of $100 million of City capital funds to help resiliency and flooding efforts around the tip of Manhattan.