Report: Half of Downtown Firms Have Lease Expirations Looming

NEW YORK CITY-Lower Manhattan companies are looking to renew space and possibly increase space in the next 12 months, according to a survey of 600 businesses conducted by the Alliance for Downtown New York Inc. “Slowly but surely things are getting better,” says Shirley Jaffe, vice president of economic development for the Downtown Alliance.

Of major concern is that half of the firms have leases that expire by 2008. The study found that 55% of those with leases set to expire by 2008 expect to renew their occupancy, while 15% say they definitely would not renew at their current locations. Half of those say they still plan to remain in Lower Manhattan. And 30% of companies remain undecided.