Downtown Alliance Releases 2022 LoMa Real Estate Year in Review Report

The real estate market in Lower Manhattan continued to improve in 2022, albeit at a steady but slow pace according to the 2022 Lower Manhattan Real Estate Year in Review report recently released by the Alliance for Downtown New York. Overall office leasing activity improved during last year, outpacing 2021 by 12%, but quarterly activity in 2022 was uneven. In contrast, rising tourism and subway ridership volume boosted Lower Manhattan’s foot-traffic and hotel occupancy throughout 2022, helping to the fuel the pace of retail openings, which exceeded that of 2019. However, the 154 openings were offset by the 160 retailers that closed, as many of the temporary closures that were expected to reopen became permanently shuttered. The residential rental market saw median rents reach new records highs in three of the four quarters in 2022; and although recorded residential sales volume declined amid rising interest rates, median sale prices of the neighborhood’s co-ops and condos rose — surpassing $2 million for the first time since the 3rd quarter of 2020.