State of Downtown
September 12, 2011
By Neal Tepel
The Alliance for Downtown New York has issued a State of Lower Manhattan report, providing the most comprehensive review of Lower Manhattan’s remarkable economic and demographic changes and major leasing, development, and market trends since the devastating September 11th attacks a decade ago. The report indicates that America’s fourth largest central business district achieved a net business increase and significant economic diversification over the last ten years.
Among other key findings of the report:
• Since 2005, 37% of relocations to Lower Manhattan have been Professional Services firms, 18% were in Creative Services, 15% were Nonprofits, and 14% were in the Finance, Insurance and Real Estate (FIRE) sector.
• Despite post-9/11 drops, commercial leasing activity has not only stabilized in the last decade, but recently spiked with the execution of several large deals, including Condé Nast.
• Lower Manhattan’s population has more than doubled since 2001; today an estimated 56,000 people live south of Chambers Street and the population is expected to reach 60,000 in 2013.
• Lower Manhattan has 18 hotels and 4,092 hotel rooms, triple the number of hotels and 78% more hotel rooms than were open in 2001.