(For more retail coverage, click GlobeSt.com/RETAIL and to read more on the multifamily market, click here.)

NEW YORK CITY-As we approach the fifth anniversary of 9/11, The Alliance for Downtown New York has identified several indicators of the significant progress made in Lower Manhattan over the past five years, including the revitalized office market, the growing residential community, the expanding retail and tourist activities and the improved quality of life. While much work remains, the recovery achieved thus far has been remarkable.

* Business and Office Market Indicators

After struggling in the wake of the devastation of 9/11/01, the Lower Manhattan office market is undergoing a steady recovery. Office leasing activity has gathered strength in Lower Manhattan since the post-9/11 slowdown, and leasing in 2006 continues this positive momentum with 1.34 million sf signed as of the second quarter. Strong leasing activity has led to increases in absorption every year for the past five years, including more than a million sf of positive net absorption in 2005.

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