Lower Manhattan Real Estate Market Overview, Q3 2019
The Alliance for Downtown New York is pleased to release the Q3 2019 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Commercial Office – Momentum continued into the third quarter as 1.81 million SF was leased in Lower Manhattan, where more than 70% of deals were less than 100,000 SF. Relocations into the district continued to drive leasing.
- Retail – The Seaport District welcomed a series of new restaurants and shops including: Bar Wayō, a Japanese bar and restaurant by David Chang; Malibu Farm, a popular California-based eatery, and McNally Jackson Books.
- Hotels & Tourism – While no new hotels opened in the third quarter, more than 1,700 hotel rooms are in the development pipeline. Two new hotels with 320 total rooms are anticipated to open before year’s end.
- Residential – One small 8-unit condo development opened at 108 Chambers Street. Median rents increased sharply and hit an all-time high due to a weaker sales market as potential buyers stayed in the rental market.
- Capital Projects – Ground was broken for Liz Berger Plaza Park near the Brooklyn Battery Tunnel, while a shared street pilot program will begin on Whitehall Street near the Charging Bull statue.