Union Square is seeing a notable rise in demand for office and retail space, with new leases filling several major properties around the park. The latest activity suggests that businesses continue to view the neighborhood as a strong location for both workspaces and storefronts.
The Union Square Partnership business-improvement district covers parts of 13th and 14th streets between First and Sixth avenues, along with Union Square East and West from 14th Street to the south side of 18th Street.
Office vacancies in the area have dropped to 12.9%, below Manhattan’s overall vacancy rate of about 15%. Several prominent buildings are now fully leased, including 853 Broadway, 841 Broadway, and 122 Fifth Ave.
Recent office agreements include nonprofit Robin Hood taking 53,000 square feet at 841 Broadway. Tech company Profound signed for 30,000 square feet at 5-9 Union Square West, while eBay committed to 28,000 square feet at 122 Fifth Ave. These deals have helped tighten available office inventory around the park.
Retail Space Fills Up
Retail leasing has also gained momentum. Uniqlo signed for a 19,000-square-foot flagship location at 860 Broadway, while Nespresso committed to 13,000 square feet at 85 Fifth Ave.
Storefronts across the Union Square Partnership district are now 90.1% leased. Broadway between 17th and 18th streets has reached full occupancy for the first time since the block became a pedestrian mall in 2024.
The area is also reaching several notable milestones. The Union Square Greenmarket is marking its fifth decade, while the Strand Bookstore is approaching its 100th anniversary in 2027. Paragon Sports has maintained a presence at 867 Broadway for 63 years.
The commercial growth comes alongside a sharp decline in crime around Union Square Park. Improved safety has helped make the park more comfortable for visitors and workers during both daytime and evening hours.
The combination of lower office vacancies, strong retail leasing, and improved conditions around the park points to continued commercial demand. With major properties reaching full occupancy, Union Square remains one of Manhattan’s active business districts.
