This month, the Downtown Alliance, an organization dedicated to improving the quality of life in Lower Manhattan, released a report on the economic growth and opportunity in the area. The report outlines expected growth over the course of the next five years, and investments made in the area post-9/11.
Some advances discussed in the report include:
- Forecasted new job growth of over 45%:
- In recent years, Lower Manhattan has seen an uptick in jobs in professional and business services, technology and media. The area is well positioned to garner a significant share of this growth through 2019.
- New buildings in Lower Manhattan aid in drawing businesses to the area:
- 1 World Trade Center and 4 World Trade Center became available in the Fall of 2014, and 63% of the available office space was leased within the first quarter of 2015. With 3 World Trade Center scheduled for occupancy in 2018, there will be an increase of over 2 million square feet available for rent. By the end of 2019 these buildings alone will have increased the number of people employed in Lower Manhattan by over 17,000.
- Hotel development means added tourism:
- There are 23 hotels scheduled to open in Lower Manhattan between 2015 and 2018. This not only increase tourism to the area, but will also bring an estimated 3,000 hospitality jobs.
For more information, the full report can be read on the Downtown Alliance’s website.