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Downtown Alliance Confirms Lower Manhattan's Blockbuster 2013

NEW YORK CITY-Leasing, investment sales and retail all exhibited major strength, according to a new report from Lower Manhattan's BID.

By Rayna Katz | Updated on February 14, 2014

NEW YORK CITY-Perhaps assuming New Yorkers can’t help but express cynicism at some point—particularly in response to good news—the Alliance for Downtown New York has issued a new report echoing what industry analysts said throughout 2013: Lower Manhattan had a banner year and is headed for a bright future.

Commercial leasing escalated throughout the year—ending with a robust fourth quarter—the best performing since 2006 and more than double the five-year average. More specifically, year-end leasing activity topped out at a 39% increase over 2012 and was 29% higher than the 10-year average. Downtown leasing also surpassed some other markets, the report notes, coming in at 48% greater than Midtown South.

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