Changing Face of Manhattan Real Estate
Lower Manhattan and other areas once dominated by industry and banking are finding new uses today. People and business’ are moving into the one time financial institution and law firm dominated Lower East side. Lower rents, water views and short commutes are driving this move. Meanwhile, Midtown South and Lower Manhattan are seeing their biggest tenants coming from the education sector the Wall Street Journal reported. Since 2005, the leasing footprint of the schools, universities and other educational services has increased 47 percent to 8.1 million square feet from just 5.5 million square feet as of November, according to CBRE data cited by the Journal. Residential markets are seeing a spillover from this growth – click the links above to read more.