News Release: 2024 Commercial Market Report
UNION SQUARE PARTNERSHIP RELEASES 2024 COMMERCIAL MARKET REPORT
Union Square-14th Street demonstrates thriving, mixed-use district with positive trends across commercial leasing, economic activity and neighborhood visitation
New York, NY (July 23, 2024) - Union Square Partnership (USP) released its 2024 Union Square Commercial Market Report, a comprehensive overview of the Union Square-14th Street District’s current commercial landscape, highlighting the district’s recent economic growth as a desirable place for companies to own and operate businesses in the technology, finance and hospitality sectors. USP also released its 2024 Q2 Biz & Broker Report, which highlights Union Square’s available ground-floor retail spaces and recent consumer activity trends.
The 2024 Union Square Commercial Market Report outlines the neighborhood’s competitive positioning through recent commercial office leases and retail business openings across industries, along with updated statistics about neighborhood foot traffic and subway ridership. The economic development opportunities in the district give businesses proximity to the 168,000 workers, 75,000 residents and 60,000 students who live, work and learn in Union Square. With a wide variety of mixed-use offerings that serve the diverse array of needs in shopping and dining, along with the emerging subset of experiential retail, Union Square is home to many national retailers and marquee businesses choosing to be in Union Square. The district also has a thriving job market that includes a growing tech sector that is supported by Civic Hall’s workforce development programs to connect New Yorkers to local tech jobs.
key stats for the annual commercial market report include:
Visits to Union Square reached 109% of January 2020 levels, with a daily weekday average of 370,000 visits, according to Placer.ai and Replica, respectively. Foot traffic is 13% higher on Greenmarket days and 6% higher when the Union Square Holiday Market is open, according to Replica.
Subway ridership to 14th Street-Union Square serves an average of 58,000 daily riders. Ranked as the fourth busiest subway station in New York City, 14th Street-Union Square saw a 21% increase in ridership in 2023, according to the MTA.
The station welcomed 21.5 million riders, a 21% increase from the previous year, compared to the 16.8% increase for Manhattan subway ridership overall.
1.1 million square feet of office space was leased in 2023, according to CoStar, predominantly by finance, technology, hospitality and fin-tech companies. Notable tenants include Capital One, Via Transportation, Inc., UKG New York City and Tao Group Hospitality.
78,000 square feet of ground floor retail space has been leased since July 2023.
43 new businesses opened in FY24, with 60% being food and beverage establishments.
The number of new sit-down restaurants in the district increased by 25% compared to the number that opened the previous year. Recently opened restaurants and bars include Another Country, Kanyakumari, L’Americana, The Grain and Serafina Vino e Cucina.
Additionally, new businesses that have opened in FY24 include Target, Crate & Barrel, Upright Citizens Brigade, Sweet Cats Cafe and Live by the Sword.
24 new businesses are opening soon, including Mission Ceviche, Pizzazz Pizza, Seahorse, Rothy’s and Vuori.
Spending on entertainment and recreation increased by 10% according to Replica.
“Union Square stats from the past 12 months evidence the trends we observe in the district every day: robust foot traffic matching pre-pandemic levels; soaring office leasing with a focus in tech and innovation; the return of food and beverage as a leading ground-floor use; and growing interest by consumers in unique, authentic and immersive experiences such as experiential retail and entertainment,” said Julie Stein, Executive Director, Union Square Partnership. “Within this success story, there remains tremendous opportunity for brands to join us as retail anchors and further solidify Union Square-14th Street as New York City’s leading live-work-play district.”
The 2024 Q2 Biz + Broker quarterly report
The 2024 Q2 Biz & Broker Quarterly Report lists 23 ground-floor retail spaces, ranging from 850 to 10,612 square feet, currently available in the district. Union Square is a vibrant neighborhood that continues to be a destination for people to enjoy experiential retail and entertainment. It’s an ideal venue for brands to host events and activations on Union Square Park’s public plazas, as seen during Union Square’s first Tulip Day in April presented by Royal Anthos and the Consulate General of the Kingdom of the Netherlands in New York. The event welcomed 17,000 attendees and drove a 26% increase in visitors to the district compared to a typical Sunday and an 8.9% increase in retail spending in the district that week. Businesses have a unique opportunity to take advantage of Union Square-14th Street’s prime location and rich amenities, along with the entertainment-friendly spaces, that make it an ideal place to own and operate a business in New York City. To view available retail spaces in Union Square, see here.
As Union Square sees positive recovery trends, USP continues to champion the modernization of the district through the USQNext Vision Plan, USP’s bold vision that reimagines and modernizes the district’s public realm, and further positions Union Square as one of New York City's top neighborhoods to live, work, and invest in.
About Union Square Partnership
For over 45 years, Union Square Partnership has worked to ensure the best possible quality of life for its residents, businesses and visitors. USP’s programs include sanitation, public safety, economic development, public programming, and marketing services, and we invest in the beautification and maintenance of Union Square Park - the district’s crown jewel. We are dedicated to the neighborhood, and work 24/7 to make sure that Union Square-14th Street remains a phenomenal place to live, work and visit.
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