New York downtown large-block availabilities have been declining since the delivery of 3 World Trade Center
Predominantly creative tenants continue to recognize the value proposition and transit connectivity of Lower Manhattan.
November 20, 2019
- Predominantly creative tenants continue to recognize the value proposition and transit connectivity of Lower Manhattan, causing large-block supply to dip since the delivery of 3 World Trade Center in June 2018. Supply has declined in each of the four Downtown submarkets, especially the World Trade Center complex and the Financial District which have proximal access to the Fulton Center transit hub.
- Recent notable tenant relocations to Downtown include Uber and Kelley Drye & Warren at 3 World Trade Center, Moet Hennessy at 7 World Trade Center, Moda Operandi at 195 Broadway, Justworks at 55 Water Street and NYC Health + Hospitals at 100 Pearl Street.
- Continued absorption is anticipated based on active tenant requirements, which would incrementally shift leverage in favor of landlords especially for new and renovated properties.
Source: JLL Research