Union Square experiences commercial leasing boom

The Union Square neighborhood in New York City is experiencing a significant commercial boom in both office and retail sectors. According to the Union Square Partnership, office vacancies in the area have dropped to 12.9%, performing better than the broader Manhattan market average of approximately 15%.

Several prime buildings have reached 100% occupancy following major lease agreements. Notable office tenants include the nonprofit Robin Hood, which secured 53,000 square feet at 841 Broadway; tech firm Profound, taking 30,000 square feet at 5-9 Union Square West; and eBay, which signed for 28,000 square feet at 122 Fifth Ave.

Retail activity is also surging, with storefronts within the business improvement district's territory reaching a 90.1% lease rate. Recent retail commitments include a 19,000-square-foot Uniqlo flagship at 860 Broadway and a 13,000-square-foot Nespresso space at 85 Fifth Ave. Additionally, the pedestrian mall on Broadway between 17th and 18th streets has reached full occupancy for the first time since its 2024 designation.