Downtown market on FIRE, says Alliance.The Alliance for Downtown New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of announced that Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North continues to attract small- and mid-sized firms in the first quarter of 2006, drawn by affordable rents and Downtown incentives. There was more than 750,000 s/f of leasing activity in Lower Manhattan in the first quarter, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. data compiled by Cushman & Wakefield. (First quarter leasing figures do not include the letter of intent by Beijing Vantone Real Estate Co. Ltd. to lease at least 200,000 s/f at 7 World Trade Center.) The FIRE (Finance, Insurance & Real Estate) sector remains the prevailing industry in terms of firms signing Downtown leases so far this year. However, as evidence of downtown's continuing diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. , leases were also signed in legal, non-profit, education, publishing and art sectors, along with key retailers. "Lower Manhattan continues to attract small- and mid-sized firms, showing the vitality vi·tal·i·ty n. 1. The capacity to live, grow, or develop. 2. Physical or intellectual vigor; energy. of the Downtown commercial market," said Eric Deutsch, president of the Downtown Alliance. "Recently approved incentives combined with affordable rents are driving leasing activity." While Downtown rents remain significantly lower than Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town , Lower Manhattan rents are beginning to increase because of two factors. First, demand for space in Lower Manhattan has increased as firms recognize the value of locating their business downtown. Second, space at 7 World Trade Center is now part of Lower Manhattan's commercial inventory, adding 1.7 million square feet of top-quality space with higher asking rents. |
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