Search
 
News

Fourth Quarter Surge Helped Bolster Lower Manhattan Office Market in 2018

Since 2011, Lower Manhattan has seen 14.6 million square feet in relocations from Midtown and Midtown South, while only 4.6 million square feet of Lower Manhattan firms packed their bags for those two respective markets.

Downtown Alliance president Jessica Lappin Downtown Alliance president Jessica Lappin

NEW YORK CITY—A surge in leasing activity in the fourth quarter, the like of which has not been seen since 2011, helped produce the best commercial leasing market in Lower Manhattan since 2014.

According to a report released by the Alliance for Downtown New York today, more than 2.12 million square feet of new commercial activity was recorded in Lower Manhattan in the fourth quarter, the highest quarterly total since the second quarter of 2011. For the year, there were 5.5 million square feet in commercial deals in the district, the highest level of activity since 2014. In 2017, a total of 5.49 million square feet of commercial deals were recorded in Lower Manhattan, a significant increase from the 3.36 million square feet leased in 2016.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

More from this author

Recommended Stories

Nominate a Net Lease Expert

Nominate a Net Lease Expert

Ingrid Tunberg |

Do you know a professional and/or company that has helped shape the net lease sector? Submit a candidate for GlobeSt.'s Influencers in Net Lease recognition before May 29!

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.