Downtown Alliance Releases Q1 2022 Lower Manhattan Real Estate Report
The Q1 2022 report released in early May by the Downtown Alliance brought the announcement that Lower Manhattan saw the second strongest quarterly leasing total since the beginning of the COVID-19 pandemic. However, despite more robust office leasing activity, rents continued a downward trend and vacancies continued to rise, particularly in Class B office buildings. In contrast, median apartment rents broke record highs for the third consecutive quarter as new tenants move into the neighborhood.
The uptick in new hotel openings, increasing travel, and positive momentum in both occupancy and rates has sparked a reason for optimism in the hospitality industry. Lower Manhattan also welcomed thirty-five retailers that opened in the early months of 2022, surpassing open rates in early 2019. In addition, the 1st quarter saw a few notable re-openings among the area’s retailers that were thought to have permanently closed including Manhatta at 28 Liberty Street and the Gap at 172 Broadway.