office space Union Square

Your Union Square office space guide by Search Office Space

Union Square Office Space

One of New York City's popular parks, Union Square is also an innovative business center flanked by popular neighborhoods such as Greenwich Village and Chelsea. It is therefore easy to get to Union Square via the subway from other parts of New York. Since its origins, Union Square has been a popular gathering place with a history of activism, and open air markets. Current development efforts are led largely by the Union Square Partnership, an organization formed by two entities: the Local Development Corporation (LDC) and the Business Improvement District (BID). The Union Square Partnership represents a combination of both private and public initiatives to develop and preserve Union Square. In addition to being a business center, the Union Square neighborhood enjoys a number of public and private schools such as Parsons New School of Design, NYU Continuing and Professional Studies, and the Cardozo School of Law. Union Square is also boasts off-Broadway theatres, hospitals, restaurants and retail.

Currently, the Union Square Partnership heads marketing campaigns to promote the park's many popular attractions. For example, "The Harvest in the Square" is a food and wine tasting event as well as a fundraising effort to support improvements to the park grounds. Another event, "Summer in the Square", runs from June through August and offers free entertainment that ranges from musical acts to children's shows. The Union Square Greenmarket is the most famous attraction in Union Square. This open air farmers' market brings a number of New England area farmers to Union Square where they attract an estimated 250,000 customers per week who enjoy an enormous selection and variety of fruits and vegetables.

Submarkets in the general Manhattan office space market like Midtown and Downtown have seen a decline in rental rates for office suites. The Midtown office space market is estimated to be at a 13.5% vacancy while Downtown prices have declined but to a smaller degree relative to Midtown. The general vacancy rate for types of office space rentals in Manhattan is estimated at 10.3%. The market for office space and executive suites in the Union Square submarket is not entirely immune to market difficulties and office space rental rates have shown to vary greatly. The most expensive executive office suites cost $500-$600 per square foot per year. However, more affordable options include loft-style office space and traditional office suites which can range from $32 to $61 per square foot per year.

In keeping with its roots as a business center, Union Square attracts national and local businesses. Among the newest national brands to establish a presence in Union Square are Nordstrom and Best Buy. Nordstrom will take space in the One Union Square South building which includes 22 floors of luxury residential rentals. Other major operators include the Century Building, the W Union Square Hotel, as well as new buildings like luxury apartment tower, The Sierra. In addition, major retailers in the area include the flagship DE Beers store, North Face, Charles Schwab, and Faconnable in the near future.

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