Lower Manhattan Commercial Leasing Hits Five-Year

Commercial leasing in lower Manhattan was strong in the fourth quarter last year, according to a new report from Alliance for Downtown New York, marking the best-performing quarter since 2006.


Fourth-quarter leasing activity in the Downtown Manhattan market was at 2.2 million square feet, up 46 percent from the prior quarter and 82 percent year-over-year, the report indicates. That was also more than double the five-year average.


Leasing activity was bolstered by relocations and expansions in the technology, advertising, education, media and information sectors, the report notes.


Tenant relocations accounted for 42 percent of the leasing activity in 2013, up from 27 percent in 2012.


In another recent report, the Alliance found that leasing to post-secondary education tenants downtown increased last year by more than 80 percent since 2004, Commercial Observer reported last month.

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