Union Square Partnership Releases 2025 Union Square Commercial Market Report
Union Square–14th Street strengthens its standing as a leading Manhattan office and retail hub, driven by notable increases in foot traffic, commercial leasing, economic investment, and visitation.
The Union Square Partnership (USP) today released its 2025 Union Square Commercial Market Report, a comprehensive look at the Union Square-14th Street District’s competitive edge and current commercial landscape, including the district’s recent office and retail real estate activity, as well as increased visitation and in-person office attendance. USP also released its 2025 Q2 Biz & Broker Report, which highlights Union Square’s available ground floor retail spaces and recent consumer activity trends.
The 2025 Union Square Commercial Market Report provides an in-depth overview of the district’s ongoing momentum, driven by a surge in new food and beverage openings, office leasing and record-setting visitor traffic. As more companies double down on their investment in the neighborhood with expanded footprints and longer lease terms, Union Square’s diverse mix of office, retail and cultural offerings continues to flourish and attract more business. The convergence of a growing full-service and fast-casual dining scene, and renewed hospitality options complements the increase in office and district visitation, creating more opportunities for people to discover the high-quality experiences Union Square has to offer. Increased foot traffic and subway ridership at the 14th Street-Union Square station reinforce the neighborhood’s role as a bustling hub for New Yorkers and tourists. With over 152,000 workers, 75,000 residents and 60,000 students, Union Square’s live-work-play-learn environment remains a compelling place for businesses and visitors alike.
Key metrics from the 2025 Commercial Market Report include:
Ground floor occupancy reached 88.5% as of June 2025 within the BID’s boundary, with 40,000 square feet of ground floor retail space leased since July 2024.
In the Union Square area, 53 new businesses opened in the past year—10 more than last year—with 81% being food and beverage establishments.
Among the new openings, 26 are sit-down restaurants (twice as many as last year) and 17 are fast-casual eateries, making Union Square a prime dining destination for all types of visitors.
Recently opened restaurants and bars include Cafe Zaffri, La Dong, Mission Ceviche, Minuto Bali, Midnight Blue and Pizzazz.
26 new businesses are opening soon, including Time Out Market Union Square, Uniqlo, Ulta Beauty, Reformation and Nakara.
Union Square office demand remains strong, with Union Square’s office availability rate among the lowest of Manhattan submarkets—10.9% in Union Square compared to 17.2% for Manhattan. Zero Irving, 200 Park Avenue South and 860 Broadway all reached 100% occupancy, and technology is the leading industry in Union Square’s office market.
Union Square welcomed luxury hotel The Twenty Two and enjoyed renovations to the iconic W New York - Union Square, expanding the district’s high-end, design-focused accommodations. These major investments have grown Union Square’s hotel room inventory by 15%, supporting a rising wave of tourism aligned with citywide trends. Visitors from beyond the five boroughs continue to be drawn to the area’s unique and authentic offerings, including the year-round Union Square Greenmarket, the beloved Union Square Holiday Market by Urbanspace, and the Union Square Night Market by Urbanspace, which returned for its second year in 2025.
Mobility is surging in Union Square, with visits to the neighborhood having reached a daily weekday average of 380,000, a 10,000 trip increase from last year (Replica).
Notably, 14th Street-Union Square subway station is experiencing an average increase of 7,000 daily riders ending at the station. As the fourth busiest subway station in New York City (22.9 million riders in 2024), the 14th Street-Union Square subway station is serving 12% more daily riders (65,000) on average than the previous year.
Daily ridership increased by 15% on the M14-SBS bus, which runs on New York City’s flagship 14th Street busway and carried nearly 5 million riders in 2024.
Union Square has seen year-over-year increases in average monthly worker visits, with visits 18% higher than the previous 12 months. Monthly worker visits to Union Square reached a post-pandemic high of 444,000 in October 2024 (Placer.ai), a 123% increase compared to January 2020. The uptick in worker activity is higher than the midtown BID average recovery rate of 90%, indicating a strong return to in-person work alongside an influx of new offices and headquarters in the district over the last year.
“Union Square is setting a new standard for what a dynamic mixed-use neighborhood can offer. The data from the past 12 months represents how Union Square is not only solidifying its role as a major hub for tech and innovation but is also strengthening its position as a premier destination for hospitality and tourism in New York City,” said Julie Stein, Executive Director, Union Square Partnership. “We’re experiencing a strong resurgence in office activity alongside a remarkable growth in restaurant openings and leases that bring fresh energy to the neighborhood, enhancing the market advantage for our hotel and entertainment sectors. This momentum is generating exciting opportunities for companies and entrepreneurs eager to contribute to Union Square’s thriving and diverse business community.”
USP also released its Q2 2025 Biz & Broker Quarterly Report, which lists 18 available ground floor retail spaces, ranging from 680 to 9,932 square feet, currently available in the district. The district leased 17,500 square feet of retail space in Q2 2025, more than seven times the volume leased during the same period in 2024. Food and beverage establishments continue to lead ground floor leasing, with eateries like Los Tacos No. 1, Maman, Bánh Anh Em and Smashy offering local and international bites. Union Square experienced a boost in pedestrian traffic at Broadway Plaza between 17th and 18th Streets, with a daily average of over 40,000 visitors. The plaza has welcomed various pop-up experiences in the space made possible due to NYC DOT’s Broadway Vision Plan and reimagination of the pedestrian-centric space. Businesses continue to choose to locate in Union Square because of its proximity to Union Square Park, plentiful transportation options and mix of dining and entertainment venues that make it an ideal neighborhood to do business. To view available retail spaces in Union Square, see here.