Lower Manhattan Real Estate Year in Review 2015
The Alliance for Downtown New York is pleased to release the 2015 Lower Manhattan Real Estate Year in Review providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Commercial – Robust enthusiasm for the market as asking rents reached their highest level in the market’s history. Media companies set up shop and others announced major relocations to Lower Manhattan in years ahead;
- Employment – With an influx of new tenants, private sector payroll employment reached over 227,000, the highest level since September 11, 2001;
- Retail – 2015 saw the beginning of the retail revolution with the opening of Brookfield Place and set the stage for a completely transformed retail market over the next several years, as major projects near opening and a slew of leases were announced throughout Lower Manhattan;
- Tourism – 14.2 million visitors in 2015, boosted by strong visitation at the new One World Observatory, the National September 11 Memorial & Museum and the Statue of Liberty & Ellis Island;
- Hotels – a busy year of construction in 2015 saw the opening of three hotels and 2016 openings will yield a 30% increase in hotel room inventory in 2016.