Times Square is referred to as “The Crossroads of the World” and “The Center of the Universe.” Full of flashing lights, street performers and digital billboards, the area is constantly bustling with activity. Though it only spans five streets–from West 42nd to West 47th–it’s a chief center of the world’s entertainment center and one of the world’s most popular tourist destinations. Well-known companies with a corporate presence in the neighborhood include Morgan Stanley, Nickelodeon, MTV Networks, Thomson Reuters, and Six Flags Inc.
Times Square Office Space | Lease and Data Trends
Office space in Times Square rents for an average of $94 per square foot. This pricing is above the average NYC office space asking rent of $75 per square foot, but comparable with neighborhoods such as the Plaza District, Fifth-Madison, Park Avenue, Hudson Yards, and TriBeCa. The vacancy rate in Times Square is about 12 percent, above the Manhattan average of 9 percent, providing those seeking office space with plenty of choices.
What Our Brokers Have to Say
Times Square is located in the heart of Midtown Manhattan. Though the name “Times Square” seems to imply the area is square-shaped, it’s actually more bowtie-shaped. Nearby neighborhoods include Midtown South, the Garment District, and Chelsea.
If you want to attract employees and clients from throughout the NYC metro area, Times Square offers plenty of options to get around, for employees, locals, tourists, and suburban commuters. Times Square and Port Authority offer access to 1, 2, 3, 7, A, C, E, N, Q, R, and W trains, and a shuttle to Grand Central Station. The 33rd Street Station for the PATH train is also nearby; the station connects with lines B, D, F, N, Q, R, and W as well as local buses. Easily accessible buses include M7, M104, M20, M5, M42 and M50.
Given the amount of foot and vehicular traffic, bicycling in Times Square is quite dangerous. We recommend dealing with the crowds and staying on foot.
More than 131 million people pass Times Square per year; working there means having access to a practically endless pool of clients, business partners and employees. If you need a break from all of the activity, just walk to Bryant Park of Central Park. Planning a business meeting or lunch? Here are a few location ideas: Times Square Diner, La Bernardin, or The Capital Grille. The neighborhood is ideal for business trips; if you need to book a hotel for a contractor or a business partners, check out Crowne Plaza Times Square, Millennium Broadway or New York Marriott Marquis.
Get to Know the Neighborhood
Times Square is well known for its giant, colorful advertisements such as the Coca-Cola sign. Tourists make their way to the center of the square just to take photos with the advertisements. Well-known locations in Times Square include The Hard Rock Cafe, Planet Hollywood, Times Square Studios, and the Playstation Theater. Times Square boasts more than 300,000 visitors per day. In fact, the overwhelming number of pedestrians in the area inspired the mayor in 2009 to change traffic lanes along Broadway from 42nd to 47th Street into pedestrian plazas.
Times Square was called Longacre Square until 1904 when The New York Times moved into Times Building, now named One Times Square. Now, the building–sometimes simply called Times Tower–is best known for its annual New Year’s Eve ball drop. The event was first held in 1907, and in 2018, more than 25 million people attended the event or watched it on TV to bring in the New Year. Countdown Entertainment, One Times Square and the Times Square Alliance now work together to put on the event each year.
This iconic Manhattan neighborhood provides countless activities for tourists and residents alike: attending Stephen Colbert’s Tonight Show, visiting the Ripley’s Believe it or Not Museum, exploring the National Geographic Ocean Odyssey, or hearing The Times Square Church’s top-notch gospel choir.
