Lower Manhattan Real Estate Market Overview Q3 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.