Downtown Alliance Q1 2021 Report: Lower Manhattan’s Real Estate Market Shows Signs of Improvement

The 1st quarter 2021 report released in early May by the Downtown Alliance indicates that although office leasing activity in Lower Manhattan improved during the period, momentum remains slow. Partially attributing to lackluster leasing activity is the delay in real estate decision-making by companies that is further influenced by the present slow and limited return of employees to the physical office. However, increased vaccination rates deliver an encouraging sign and companies are beginning to plan for office re-openings and the return of employees as capacity restrictions continue to be relaxed.