News Release: 2023 Q4 Biz + Broker
UNION SQUARE PARTNERSHIP RELEASES Q4 2023 BIZ + BROKER REPORT
New York, NY (January 18, 2023) - Union Square Partnership (USP) releases the 2024 Q3 Biz + Broker Report, which features the latest news and leasing metrics across Union Square-14th Street. This report highlights 24 available ground-floor retail spaces, ranging from 200 to 10,612 SF, that offer ideal opportunities for prospective tenants to take advantage of the district's prime location, 24/7 vibrancy, and rich amenities that make Union Square-14th Street one of the most desirable neighborhoods in NYC.
USQ’s Newest employment hub
In Q4, Civic Hall @ Union Square officially opened at Zero Irving (124 East 14th Street). Civic Hall occupies seven floors (85,000 SF) of the 21-story building, including a two-story conference and events center, providing a hub for tech education, innovation and workforce training. Civic Hall's opening solidifies Zero Irving as the newest economic anchor in Union Square. Nearly 100% leased, Zero Irving is home to over 900 workers across high-profile tech and finance firms.
Alongside Zero Irving, the Union Square district saw a 15.5% increase in employee visits to the area since this time in 2022, according to Placer.ai. Positive momentum continues in the district with the opening of Via Transportation's new headquarters at 114 5th Avenue and the Q4 announcement that the fintech firm Valon Technologies leased 13,850 SF of office space at 860 Broadway. Valon joins the widely popular co-working space Industrious, which reached 65% capacity in the same building after just 3 months in operation.
Emerging Retail trends
In addition to hosting 178 vendors at the destination Union Square Holiday Market, the neighborhood welcomed 17 new businesses this quarter, including Crate & Barrel’s new 23,000 SF flagship location at 881 Broadway. Crate & Barrel joins Union Square’s vibrant cluster of homeware businesses along the Broadway corridor, creating a synergy with renowned neighbors such as Fishs Eddy, abc carpet & home, and From the Source. This addition follows Target’s opening in October and precedes Saatva, scheduled to open a 6,700 SF space on Broadway in Q1 2024. The abundance of home goods is one of Union Square's prominent retail trends that solidifies the neighborhood as a destination for both small and well-known brands to reach a diverse market of locals and tourists.
Another notable trend this quarter is a rise in second-hand retail, most recently welcoming The ReShop at 12 East 14th Street. The ReShop joins Union Square's cluster of 15 vintage and thrift shops. Since 2020, Union Square welcomed Thrift NYC in two locations along 14th Street, 2nd STREET, Cure Thrift, and Crossroads, joining long-established neighborhood favorites like Beacon's Closet, L Train Vintage, Goodwill, and more. This growing roster demonstrates that Union Square attracts fashion-forward shoppers who are looking for unique and sustainable finds.
Q4 BUSINESS OPENINGS
Apollo 873 Broadway
Chick-N-Smash 231 First Ave
Claire's 863 Broadway
Crate & Barrel 881 Broadway
F45 Training 110 E 13th St
For U 155 Third Ave
Glaze 110 University Pl
Jack's Delicatessen 126 University Pl
Jazba 207 Second Ave
Little Maven 30 W 18th St
Matto Espresso 110 Third Ave
Memory Motel NYC 106 Third Ave
Naks 201 First Ave
Rockmeisha 351 East 14th St
Serafina Vino e Cucina 110 University Pl
Target 10 Union Square E
The Re:Shop 12 E 14th St
