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Business Briefing

Retail revival : The rebirth of retail in lower Manhattan

A research produced by

The engine of this great city is arguably the financial services sector, which accounts for over 11.0% of all jobs within the city’s five boroughs. And no doubt, the epicenter of financial services is Lower Manhattan, specifically Downtown. This area at the southernmost tip of Manhattan, generally bound by Canal Street to the north, the East River to the east, the Hudson River to the west, and south to Battery Park has over 89,000 residents and a daytime population of nearly 320,000 workers that together create a vibrant, diverse, livable community.

Once considered a stodgy 9-to-5 business address with few residents and little nightlife, Lower Manhattan’s residential base has exploded over the past decade. Add to this a dramatic increase in tourist volume and hotel rooms, as well as an ever-diversifying employment base and you have all the ingredients for a vibrant, growing 24/7 environment ripe for a retail renaissance.

Source : Cushman & Wakefield