Lower Manhattan draws smaller tenants

Lower Manhattan has become a magnet for small businesses seeking affordable commercial rents. Nearly 8,000 new businesses relocated to Lower Manhattan last year, a 6 percentage point gain over 2003, according to the Alliance for Downtown New York. Moreover, more than two-thirds of commercial leases signed in the fourth quarter of 2005 in the area were for spaces under 20,000 square feet. more [Crain’s]