Search
 

Downtown Sees Challenge of Change

NEW YORK CITY-Nearly five years after the terrorist attacks, there is more than $10 billion in public and private investment in Lower Manhattan. Much funding is earmarked for infrastructure improvements.

By Barbara Jarvie | Updated on May 31, 2006

NEW YORK CITY-Smaller companies, attracted by incentives, are contributing to the diversification of Lower Manhattan. The median private sector firm here occupies slightly more than 10,000 sf of space and employs 27 workers.

“Lower Manhattan showed strong signs of a sustained recovery last year,” says Eric Deutsch, president of the Alliance for Downtown New York. The firm released its third annual State of Lower Manhattan report which covers a range of sectors including commercial, retail, residential, transportation and tourism. “Lower Manhattan has made tremendous progress, although significant challenges lie ahead.”

He notes that the Downtown office market saw the largest decrease in vacancy rate of any of the eight CBDs in the country that have more than 40 million sf of commercial space. “Smaller companies are relocating to Lower Manhattan to take advantage of the area’s lower rents compared to other sections of the city,” says Deutsch. Numerous firms outside of Downtown’s traditional finance and insurance sectors represent sectors as non-profit, media, law, education, health, and other professional services that are moving to the area.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.