DOWNTOWN ALLIANCE REPORTS BLOCKBUSTER YEAR OF LEASING IN LOWER MANHATTAN
Reflecting a growing interest in all of the amenities Lower Manhattan has to offer, the Alliance for Downtown New York announced a surge in 2011 leasing activity in Lower Manhattan - with nearly 5.86 million square feet of leases in 2011.
The year-end leasing total was the market's second highest in the past decade. In addition to strong leasing trends, the local economy continues to diversify and vacancy rates dropped as more businesses relocate or renew leases in Lower Manhattan.
The Downtown Alliance's 2011 Year in Review reported that 13 of the year's top 20 leases were over 100,000 square feet, with the World Trade Center at the center of the market's strong performance. In May, 1 World Trade saw the city's largest deal of the year when Condé Nast signed on for one million square feet.