Downtown Manhattan businesses recovering 13 years after 9/11

Businesses in downtown Manhattan have had an unfortunate streak of adversity since the terrorist attacks of Sept. 11, 2001, suffering not only the destruction of the World Trade Center but also enduring a financial crisis, resulting Occupy Wall Street protests, and damage from Hurricane Sandy. But a report in Inc. shows that many of the resilient business owners in Lower Manhattan are enjoying a robust recovery on the 13th anniversary of Sept. 11, and they are welcoming new competitors and customers every day. According to the most recent report from Downtown Alliance in New York, office leasing in Lower Manhattan has increased 43 percent and vacancies have dropped 2 percent in 2014, compared with a year earlier. As demand for businesses to relocate in and around the Financial District has risen, so have rents in downtown and Lower Manhattan, the report said. Retail rent has risen 40 percent since 2012, Downtown Alliance found. Retailers in the area told Inc. reporter Will Yakowicz that, while their businesses are up compared with a year ago, they also are noticing a more diverse clientele than the usual financier and banker types. More workers from technology startups and media companies that have moved into the neighborhood are supporting downtown’s local retailers, the business owners said. Read more by clicking: http://www.inc.com/will-yakowicz/13-years-after-911-financial-district-economy-on-the-rise.html