The Alliance for Downtown New York - Q3 2009 Real Estate Market Overview
Posted by Christopher Dente | November 12, 2009
The Alliance for Downtown New York - Q3 2009 Real Estate Market Overview
Though the global recession continued to impact Lower Manhattan in Q3 2009, the real estate market outperformed other business districts and showed signs of stabilization. There was a notable uptick in leasing activity between July and September, highlighted by the signing of two of the city’s largest leases this year. Meanwhile, residential vacancy rates remained very low, and hotel prices and occupancy outpaced the greater New York City market. Additionally, 21 retailers opened their doors this quarter, ranging from a national steakhouse chain to delis, clothing stores, and hair salons.
Click here to read the Q3 2009 Real Estate Market Overview, covering office, residential, hotel, and retail market performance.
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