Report: half of Downtown firms may move.A new Downtown Alliance report finds that nearly half of all Downtown businesses may not renew their leases. As a way to persuade businesses to stay Downtown, the report calls for an improved transportation network that will lower commuting time for Downtown employees. "Downtown companies are primarily concerned about transportation and about the uncertainties of the rebuilding process. Assuring these companies that the public sector is committed to strengthening Lower Manhattan's future as a world-class business center--especially by improving infrastructure--will weigh heavily in decisions to stay or relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. ," said Carl Weisbrod, president of the Downtown Alliance. 62% of companies reported .worse revenues over the last three quarters compared to the same period a year earlier. More than a third of these firms said that the economy was to blame, however. Less than 10% of all firms are committed to leaving Downtown when their leases expire expire /ex·pire/ (ek-spi´er) 1. to exhale. 2. to die. ex·pire v. 1. To breathe one's last breath; die. 2. To exhale. . Many of these firms, however, are uncertain about renewing their leases. More than three times as many firms plan to renew their leases than not renew. The report also found that after Sept. 11, 50% of Downtown firms leased space outside of 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 State. "The percentage of Downtown companies that have taken new space outside of New York State since Sept. 11, 2001 shows that there are serious consequences for New York if Downtown companies do not renew their leases," said Weisbrod. He added that now is the time to "build a brighter future for 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 ". There is some good news in the report. Downtown's commercial environment has stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. , and employers are starting to hire new staff. The long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. outlook in lower Manhattan, as seen by the Downtown Alliance, is "improving." |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion