Union Square Commercial Revival: NYC’s Union Square is coming back: Office and retail leasing gather momentum
Union Square’s commercial revival is gathering pace, with office vacancies in the neighbourhood falling well below the Manhattan-wide rate and more storefronts being leased, according to the Union Square Partnership business-improvement district.The latest figures come as K-pop company DearU prepares to open Bubble House New York, a nearly 10,000-square-foot flagship at 24 Union Square East.The planned opening was first reported by the New York Post in June.
Office vacancies fall to 12.9%
The Union Square Partnership, whose business-improvement district covers parts of 13th and 14th streets between First and Sixth avenues as well as Union Square East and West from 14th Street to the south side of 18th Street, reported a strong leasing trend across the area.Office vacancies in the district have fallen to 12.9%, compared with roughly 15% across Manhattan, according to the BID.Several prominent buildings have reached full occupancy following recent deals, including 853 Broadway, 841 Broadway and 122 Fifth Ave.Among the recent office leases are:
- Nonprofit Robin Hood, which took 53,000 square feet at 841 Broadway.
- Technology firm Profound, which leased 30,000 square feet at 5-9 Union Square West.
- eBay, which signed for 28,000 square feet at 122 Fifth Ave.
Retail leasing also strengthens
The neighbourhood’s retail market has also recorded strong leasing activity.Uniqlo signed a 19,000-square-foot flagship lease at 860 Broadway, while Nespresso committed to 13,000 square feet at 85 Fifth Ave.Overall, storefronts within the Union Square Partnership’s district are 90.1% leased.Broadway between 17th and 18th streets is now fully leased for the first time since the block was converted into a pedestrian mall in 2024.The leasing activity comes as several longstanding Union Square institutions approach major milestones. The Union Square Greenmarket is marking its fifth decade, while the Strand Bookstore is approaching its 100th anniversary in 2027. Paragon Sports has also maintained a presence at 867 Broadway for 63 years.The commercial revival has coincided with a dramatic decline in crime around Union Square Park, which has contributed to the area’s changing atmosphere, according to the New York Post.
