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Sluggish Leasing Quarter in Lower Manhattan
Lower Manhattan’s commercial leasing market in the first quarter of 2023 saw a decline in leasing activity, mirroring the same trend seen across the entire Manhattan office market, according to a report by the Alliance for Downtown New York.
The report also revealed that while office vacancies remained high amid sluggish leasing activity, rents grew slightly as more expensive space came onto the market in the World Trade submarket. In the residential sector, median rents dipped to $4,225 after reaching a record high at the end of 2022, but they remain 6% higher than pre-pandemic levels.
Meanwhile, the retail sector saw 14 retailers open in Lower Manhattan, including Whole Foods at One Wall Street and the Galerie bar and lounge at the Smyth Hotel. Century 21 and Delmonico’s are set to reopen after closing in 2020.
- ◦Lease
