Lower Manhattan Real Estate Year in Review 2018
The Alliance for Downtown New York is pleased to release our annual real estate year in review providing a review of commercial office, retail, residential, hospitality and development projects happening in 2018.
Major findings include:
- Commercial Leasing – Lower Manhattan completed 2018 with its best quarter of new leasing activity since the second quarter of 2011 with over 2.12 million square feet of new activity. The fourth quarter’s strength helped make 2018 the best year for leasing activity since 2014 with a year-end total of 5.5 million square feet. The neighborhood continued to attract a diverse set of tenants relocating to the market, posting a positive net in-migration for 2018, including office deals signed by J.Crew, McKinsey & Company, the London Stock Exchange and Nike.
- Hotel – Hotel room inventory reached over 7,600 rooms in 35 hotels. Over 700 hotel rooms in four hotels opened in 2018, all of which are brands that are new to the market. Another 1,500 hotel rooms in 12 hotels are in the development pipeline.
- Retail – Ninety-five retailers opened in 2017, including Manhatta, Seamore's and Recreation. In the Seaport District, Pier 17 debuted with its inaugural concert series in partnership with Live Nation, as well as the arrival of fashion and cultural destination, 10 Corso Como.
- Residential – This past year, over 1,300 residential units in six buildings opened, including 19 Dutch Street and 20 Broad Street. Another 2,900 units in 19 buildings are in the development pipeline.
- Major Projects – 3 World Trade Center opened and began welcoming office tenants. The MTA reopened the WTC Cortlandt 1 train station 17 years after it was destroyed on 9/11. The final two of the six total NYC Ferry routes launched with service to Lower East Side and the Bronx.