According to the Downtown Alliance’s third-quarter Manhattan real estate report, finance’s hold on Lower Manhattan has loosened and the area now hosts a wide variety of companies. Media, tech, and advertising have three times the presence they used to have. Hotels and residences are expanding.
There is currently a 12% overall vacancy rate in Lower Manhattan, Midtown’s vacancy percentage is 9.2%.
Problems remain – Fulton and Water Streets remain largely eyesores, due to construction and other issues, while Three World Trade Center’s retail complex has yet to materialize.
But compared to predictions of gloom after the terrorist attacks of 9/11, Lower Manhattan is thriving, reports Steve Cuozzo for the NY Post.
