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Downtown’s Home to 1,000+ Healthcare and Nonprofit Tenants
Although Lower Manhattan is home to the city’s Financial District, it could also be called the Health and Nonprofit District. The Alliance for Downtown New York says there are more than 1,000 nonprofit and healthcare organizations operating south of Chambers Street.
Healthcare tenants, in particular, have flocked to Lower Manhattan to meet the needs of an expanding set of residents and office workers in the neighborhood, the Downtown Alliance says in a new report.
Citing a report from CBRE, the alliance says Lower Manhattan has had a recent surge in nonprofit tenants, as those seeking value and quality space relocated downtown, especially as prices rose in Midtown South.
Healthcare and nonprofit users have similar real estate needs, the report says. They’re drawn to Lower Manhattan by requirements for affordable office space, a centralized location with robust transportation access, and buildings with opportunities for more specialized space layouts than traditional offices.
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