Lower Manhattan Economy Hit Hard by Pandemic According to Downtown Alliance Report

Commercial leasing activity throughout 2020 in Lower Manhattan fell nearly 70% year-over-year according to the annual report released by the Alliance for Downtown New York. A high volume of office vacancies, further compounded by a sharp rise in sublet spaces, pushed the vacancy rate to a 20-year high. Similarly, both the retail and hospitality sector were significantly impacted, resulting in about 12%, or over 160 of the neighborhood’s retail businesses as well as three hotels permanently closing.

Source: https://www.downtownny.com/sites/default/files/research/Lower%20Manhattan%202020%20Real%20Estate%20Year%20in%20Review.pdf