Lower Manhattan Real Estate Market Overview Q3 2017
The Alliance for Downtown New York is pleased to release the Q3 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 Manhattan logged its highest year-to-date leasing activity since 2014, as its vacancy rate dropped to the lowest level in over four years. Lower Manhattan continued its popularity with media companies including deals signed with Macmillan Publishers, ESPN Studios and the Stagwell Group, a prominent marketing and communications firm.
- Transportation – With the continued investment in a variety of transit networks, original research by Sam Schwartz Transportation Consultants and the Downtown Alliance demonstrates the strength of Lower Manhattan as a premier multimodal and business hub in New York City.
- Retail – Summer programming, pop-ups and expanded nightlife diversified the retail mix and draw to Lower Manhattan.
- Residential – Residential sales metrics returned to typical averages as the legacy contract pipeline neared completion at high profile, luxury properties.
- Hotel – Occupancy is growing, especially in select service hotels, helping to absorb the district's growing supply of rooms, while stronger performance in the district's average daily room rates can be attributed to newer luxury hotel properties entering the market.