Introduction to Union Square District’s Momentum
The Union Square district’s momentum has only increased since we reported on it four months ago.
Recent Developments and Leases
As measured by the Union Square Partnership, retail storefront occupancy of 82% in April — a 68% jump over the last quarter of 2024 — has since hit 88.5%, propelled by large recent leases such as Uniqlo’s deal for over 19,000 square feet at 860 Broadway.
More than 17,000 square feet of retail was leased in the second quarter, more than seven times the volume in the second quarter of 2024. Leading the food-and-beverage charge is Time Out Market, which will soon replace Urbanspace with a 10,000 square-foot hall on the ground floor of Zero Irving. It will be a smaller version of the DUMBO original.
Retail and Office Space Occupancy
Retail storefront occupancy in the Union Square district reached 82% in April — a 68% jump over 2024’s last quarter. Google Maps
Meanwhile, office availability fell to 10.9% compared to 17% in Manhattan overall. Several buildings including Zero Irving, 200 Park Ave. South and 860 Broadway were fully leased.
Major Business Expansions
In what the Partnership calls a “milestone,” Capital One added over 96,000 square feet to its headquarters at 114 Fifth Ave, bringing its Union Square total footprint to 213,500 square feet.
Increased Foot Traffic and Subway Ridership
Visits to the neighborhood reached a daily weekday average of 380,000 — or 10,000 more than last year. The 14th Street-Union Square subway station served 65,000 daily riders, 12% more than in 2024.
Conclusion
The Union Square district’s growth is evident in its increasing retail storefront occupancy, major business expansions, and rising foot traffic and subway ridership. This momentum is expected to continue, making the district a hub for business, entertainment, and culture.
FAQs
Q: What is the current retail storefront occupancy in the Union Square district?
A: The current retail storefront occupancy in the Union Square district is 88.5%.
Q: Which companies have recently leased large spaces in the district?
A: Uniqlo has leased over 19,000 square feet at 860 Broadway, and Capital One has added over 96,000 square feet to its headquarters at 114 Fifth Ave.
Q: How has foot traffic in the neighborhood changed?
A: Visits to the neighborhood have reached a daily weekday average of 380,000, which is 10,000 more than last year.
Q: What is the daily ridership of the 14th Street-Union Square subway station?
A: The 14th Street-Union Square subway station serves 65,000 daily riders, which is 12% more than in 2024.
