Lower Manhattan Real Estate Year in Review 2019
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 2019.
Major findings include:
- Commercial Leasing – Lower Manhattan completed 2019 with a strong quarter of new leasing activity with over 1.69 million square feet of new activity. The fourth quarter’s strength helped push 2019 to be the best year for leasing activity since 2000 with a year-end total of 7.3 million square feet. Strong leasing across all sectors pushed private-sector employment to its highest levels since pre-September 11 levels. The neighborhood continued to attract a diverse set of tenants relocating to the market, as well as those renewing their leases, including office deals signed by Morgan Stanley, Uber, JustWorks, Moet Hennessy and New York Media.
- Hotel – Hotel room inventory reached 7,945 rooms in 37 hotels. Two hotels opened in 2019, adding over 250 hotel rooms to the local market. Another 2,000 hotel rooms in 15 hotels are in the development pipeline.
- Retail – Over 100 retailers opened in 2019, including over 50 eateries and restaurants, including: The Fulton, Bar Wayō and Malibu Farm on Pier 17 in the Seaport District and Crown Shy at 70 Pine Street.
- Residential – Residential building openings in 2019 slowed down compared to 2018 when over 1,300 units opened in six large buildings. Residential developments that opened this past year include 40 units across three small buildings. There are nearly 2,800 units in 17 buildings under construction or planned for development.
- Major Projects – Parks, plazas and streetscapes began construction work across the neighborhood, including Elizabeth H. Berger Plaza, Peck Slip Park, the Bowling Green shared street and the Water Street streetscape project. Spanning West Street, the Robert Douglass Pedestrian Bridge opened, replacing the deconstructed Rector Street pedestrian bridge.