New York City's Union Square is experiencing a robust surge in both office and retail leasing, according to the Union Square Partnership business-improvement district. The neighborhood has seen a "breathtaking office and retail leasing frenzy" in the blocks surrounding the park.
On the office front, vacancy rates have fallen to 12.9%, a notable decrease compared to the overall Manhattan market's approximate 15% vacancy rate. Several key buildings in the area have reached 100% occupancy. Recent transactions include nonprofit Robin Hood securing 53,000 square feet at 841 Broadway, tech firm Profound leasing 30,000 square feet at 5-9 Union Square West, and eBay taking 28,000 square feet at 122 Fifth Ave.
The retail sector has also shown strong performance. Storefronts within the business improvement district's territory are now 90.1% leased. Notable retail leases include Uniqlo's 19,000-square-foot flagship store at 860 Broadway and Nespresso's commitment for a 13,000-square-foot space at 85 Fifth Ave. Additionally, the opening of DearU’s Bubble House New York, a nearly 10,000-square-foot establishment, at 24 Union Square East was part of this recent commercial expansion.
Broadway between 17th and 18th streets is now fully leased, marking the first time since the block was converted into a pedestrian mall in 2024. This revitalization coincides with significant area milestones, such as the Union Square Greenmarket entering its fifth decade, the Strand Book Store approaching its 99th anniversary in 2027, and Paragon Sports celebrating 63 years at its 867 Broadway location.
The Union Square Partnership also attributed the area's resurgence, in part, to a decline in crime, which has made Union Square Park a more welcoming environment both day and night.