Lower Manhattan’s commercial leasing market in the first quarter of 2023 experienced a decline in activity, similar to what was seen across the entire Manhattan office market, according to a report by the Alliance for Downtown New York. The findings also showed that while vacancies stayed high amid slow leasing activity, rents increased slightly as more expensive space came onto the market in World Trade submarket. In addition, median residential rents dropped to $4,225 after reaching an all-time high at year-end 2022; however they still remain 6% higher than pre-pandemic levels.
Additionally 14 retailers opened up shop in Lower Manhattan during this time period including Whole Foods at One Wall Street and Galerie bar and lounge at Smyth Hotel with Century 21 and Delmonico’s set to reopen following their closure back 2020. Overall it appears that despite some positive indicators such as retail openings there is still sluggishness within Lower Manhattans real estate sector due largely from pandemic related impacts on businesses operations throughout NYC area .
