Downtown continues to rise on all fronts, scoring its best quarter in two years. Office tenants, retailers, and cultural organizations have flocked to Lower Manhattan in increasingly higher numbers, gobbling up large blocks of space in the process. This activity follows the trend of the last 5 years, as nearly 400 tenants have relocated from submarkets to Downtown, totaling almost 13 million square feet.
The downtown streetscape has also enhanced the area’s rent growth and demand. Top-tier brands continue to carve out unique retail concepts in alignment with new economy and experiential preference.
The start of all the of this began with the Howard Hughes Corporation’s South Street Seaport redevelopment. The project is home to Jean George, an iPic Theater, David Chang’s Momofuku, 10 Corso Como and a variety of art and fashion shows year-round. The emergence of a one-of-a-kind neighborhood has helped distinguish the East River waterfront of Lower Manhattan from other submarkets,
People especially in New York, always want what’s new and fresh, and the East Side by the Seaport has become that place. Innovators want to be surrounded by authenticity and originality, not big box retailers with stores in multiple locations you can find in any major city.
With Pier 17 on track to open in the summer of 2018 we will continue to see an emergence of all office tenants, retailers, and cultural organizations. This emergence has been bucking trends in other part of the city and we expect it to continue for years to come.