Lower Manhattan office tenants double down amid conversion chaos

Lower Manhattan’s residential conversion boom isn’t driving office tenants out… it’s locking them in.  Office users displaced by the wave of conversions are largely staying downtown, Crain’s reported. The activity is fueling a leasing surge even as the neighborhood’s total office stock shrinks, according to a JLL report. Overall, leasing in the area this year is already more than twice last year’s total. Available space is tightening as more properties are slated for residential makeovers.  Since 2020, more than 5.5 million square feet of downtown office space has been converted to housing; another 5.8 million square feet could face the […] This article originally appeared on The Real Deal. Click here to read the full story.