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Downtown Employment Reaches New Peak

Private-sector employment in Lower Manhattan reached an all-time high of 251,224 in the third quarter of 2018, the most recent period for which data is available, says the Alliance for Downtown New York. That surpasses the pre-9/11 high.

The Downtown Alliance credits the new high to strong leasing activity across industries. In total, there were two million square feet of deals in Lower Manhattan during Q3, a higher tally than Midtown or Midtown South.

“This milestone is important for both practical and symbolic reasons,” said Jessica Lappin, president of Downtown Alliance.

“Practically, it proves that the rebuilding effort has diversified our city’s economy in a meaningful way while generating thousands of jobs in growth industries. Symbolically, it shows that our determination and spirit can never be broken,” she continued. “While our work is not yet done, this data speaks to our phenomenal growth and importance as an engine of opportunity.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Economy
  • ◦Lease