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Financial District office, residential markets see spillover growth
As Midtown South tightens further, tenants are pushed Downtown
The Financial East area is no longer just about big bank, law firm and insurance tenants. A flood of technology, new-media, architecture and other creative class tenants have begun to move into the area — a change that is boosting Lower Manhattan’s residential market as well, the New York Observer reported.
According to Cassidy Turley Vice President Stephen Bellwood rents cheaper than Midtown South are one of the major draws for creative firms. “As these companies grow, they’re growing out of mid-block buildings” and are being attracted by rents that are “10 to 15 percent less that what they’re finding in Midtown South,” Bellwood said.
And with this business migration the population of Lower Manhattan has tripled to almost 60,000 since 2001.
Residents are drawn by a shorter commute, a neighborhood that has water views and landlords that offer generous build-outs to adapt spaces to the tenants’ needs. “It’s definitely the best value in Manhattan,” Marc Shapses, executive managing director at Studley said. [NYO] — Christopher Cameron