Highlights from Bisnow’s Future of Downtown Event

Earlier today, RDM attended Bisnow’s Future of Downtown event at One World Financial Center.  More than 300 real estate professionals were present to hear what has changed in the downtown area of NYC in the past few years and what they can expect to see as the area continues to evolve.  The event’s panel was comprised of representatives from The Alliance for Downtown NY, Cushman & Wakefield, Jones Lang LaSalle, Massey Knakal and Brookfield Office Properties, amongst others.

Here's a quick recap of some of the information we took away:

•    Downtown NYC is the 4th largest office district in the US and is not just comprised of financial tenants. 

•    The area will soon have the most advanced fiber optic network in the US, as positive result of Hurricane Sandy.

•    In recent years downtown NYC has transformed from (mainly) business to a work/play/live area with a strong contingent of families, parks and events to attract residents and tourists.

•    Pricing and new office space give the area two competitive advantages over other parts of Manhattan; residential is 30% cheaper in the downtown area.

•    There have been over 17 million square feet of space in the downtown area converted into residential spaces.

•    Access to major transportation hubs, better nightlife and great PR campaigns will help rebuild the area’s image and continue to attract a new people.

•    Lower Manhattan would benefit from technology companies creating campuses in the area.

With new sectors outside of finance now calling downtown home, new apartment towers online, and expansive retail additions at World Financial Center and the World Trade Center underway, the future looks bright.