Union Square’s office and retail market hits record leasing pace
Leasing activity around Union Square has surged, driving office vacancy down to 12.9% and filling several flagship retail spaces.
Commercial activity in the Union Square area is booming, according to the Union Square Partnership. Office vacancy rates have fallen to 12.9%, outpacing the roughly 15% vacancy across Manhattan. Several prominent office towers, including 853 Broadway, 841 Broadway and 122 Fifth Avenue, have reached full occupancy.
New leases were signed by nonprofit Robin Hood for 53,000 square feet, tech firm Profound for 30,000 square feet, and eBay for 28,000 square feet. Retail commitments feature Uniqlo’s 19,000-square-foot flagship and Nespresso’s 13,000-square-foot space, while the district celebrates milestones such as the Greenmarket’s 50th year and the Strand Book Store’s upcoming 99-year anniversary. The area also notes a drop in crime, making Union Square Park safer day and night.
Why it matters
The surge shows strong demand for New York office and retail space, signaling confidence in the city’s commercial market.
In this story
