Downtown Alliance Report: Lower Manhattan Real Estate – 2021 Year in Review

Although significant recovery challenges remain for Lower Manhattan from the economic impact of the pandemic, some bright spots continue to surface including the gradual return of visitors and the reopening of many hotels, retailers and eateries. In addition, the neighborhood’s residential market has “performed strongly with rents reaching record highs” according to the report released by the Alliance for Downtown New York. However, despite Lower Manhattan office leasing picking up momentum in 2021, vacancies remain high and overall leasing is still well below the five-year average.