Downtown Alliance points to progress

The Alliance for Downtown New York this week issued the results of a survey designed to measure Lower Manhattan's recovery over the last five years. According to the survey, while significant work remains to be done, several indicators provide evidence that remarkable progress has been made.

One of the biggest indicators of downtown's revitalization, according to the survey, has been the rebounding real estate market, which shows a steadily decreasing vacancy rate, an increase in the cost of rent per square feet, and 1,342,620 square feet of space signed for second quarter of 2006.

The survey also found improvements on the education front. Three new institutions of higher learning have opened in Lower Manhattan since 9/11 - NYU School of Continuing Education, CCNY Center for Worker Education, and Berkeley College -- bringing the number of downtown college and post-graduate students to 12,400. And to serve the needs of the expanding residential community, two additional new schools, New York City Millennium High School and the Claremont Preparatory School, have also opened.

Several other quality of life improvements were also noted. Nine parks covering a total space of 3.2 acres have been added or reconstructed; free WiFi access has been established, benefiting 23,000 people in the first half of 2006 alone; new cultural and performance space has been constructed; and the crime rate has fallen.

Public transportation options have also been restored and expanded. The PATH train now services more than 45,000 riders a day, more than 296,000 people used the subway in 2005, and the Downtown Connection bus service is used by an average of 63,000 people a month.

Finally, the hotel industry is doing well. Hotel occupancy rate is currently at 89.2 percent, up from a five-year low of 69.3 percent.

To view the full Downtown Alliance report, click here.