Lower Manhattan’s tech-fueled growth

Private-sector employment in Lower Manhattan has reached its highest level since the September 11th terrorist attacks, according to a new analysis reported by The Wall Street Journal. The analysis, conducted by the business organization Alliance for Downtown New York, found that private-sector employment in Lower Manhattan consisted of 251,334 jobs in the third quarter of 2018, driven in no small part by the downtown growth of the tech sector.

While Big Tech companies like Google and Facebook have traditionally staked out territory in Chelsea and the Flatiron District, other tech companies are claiming leases further downtown. The report highlights The We Company, Better.com, and HelloFresh as three of Lower Manhattan’s top 15 leases for the first quarter of 2019, alongside leasing by media and marketing firms.

The report attributes some of this growth to migration from Midtown South, where tech companies like Zola, an online wedding registry, and Asana, a software company, were once located before moving into Lower Manhattan.

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