New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Lower Manhattan Fundamentals Continue Rebounding in Q2
The second quarter found Lower Manhattan real estate fundamentals continuing to recover, the Alliance for Downtown New York reported. Median apartment rents in Lower Manhattan rose 24% over the past quarter to $3,722 per month, returning to pre-pandemic levels.
Q2 saw Lower Manhattan office leasing reach 519,000-square feet—the highest quarterly total since the pandemic began, but still nearly 50% below the five-year quarterly average. Lower Manhattan’s largest office occupiers, the New York City government and Goldman Sachs began to return to work during Q2, and a broader return to office is anticipated this fall.
With promising vaccination rates, capacity restrictions were eliminated in mid-June. Over 40 retailers opened in the first half of the year, similar to the pace of openings in 2019.
The lodging sector still faces headwinds. Although occupancy and room rates began to recover in the spring, four Lower Manhattan hotels announced permanent closures.
- ◦Lease
- ◦Economy
