New York City’s Times Square has been called “The Crossroads of the World,” “The Heart of the World,” and “The Center of the Universe.” Whatever you call it, the Times Square neighborhood is quite the spectacle at any hour of the day or night. Full of flashing lights, street performers, and enormous digital billboards, Times Square constantly bustles with activity.
Though it only spans five streets, Times Square is the world’s entertainment center and one of the most popular tourist destinations on the planet with more than 50 million visitors per year. It is an exciting place to visit, live, play, eat, and, of course, work. Well-known companies with a corporate presence in the neighborhood include Morgan Stanley, Nickelodeon, MTV Networks, Thomson Reuters, BMO Capital Markets, Logo TV, The New York Times Company, and Six Flags Inc. It also has a healthy startup community and is a highly sought-after location for storefronts.
What Our Brokers Say About Times Square Office Space for Lease
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. Some well-known locations in Times Square include The Hard Rock Cafe, Planet Hollywood, Times Square Studios, and the Playstation Theater.
Though people come in droves to see those attractions, most of them don’t leave without taking pictures with the advertisements, such as the Coca-Cola, Toshiba, and NASDAQ signs. Interestingly, the law requires that businesses in Times Square display lighted signs. No other NYC neighborhood has this law. Times Square boasts up to 420,000 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. Working in Times Square means having access to a practically endless pool of clients, business partners, and employees. Welcome to the city that never sleeps!
Times Square houses more than 1,500 businesses. Common industries include entertainment, music, television, and finance. Though global corporations with household names are what usually come to mind when one thinks of Times Square, the neighborhood also has a healthy small business community. Thinking of moving a business to Times Square? The Times Square Alliance provides resources you may find useful.
If you need a break from all of the activity, just walk to Bryant Park or Central Park for a peaceful stroll. 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 business partners, check out Crowne Plaza Times Square, Millennium Broadway or New York Marriott Marquis.
Times Square Commercial Space For Lease | By the numbers
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Times Square Office Space | Lease Data & Trends
In popular culture, Times Square is one of the best places for that quintessential NYC selfie, and it’s one of the world’s most famous tourist destinations. Times Square also provides space for more than 41 million square feet of office space where businesses create, invoice, calculate, hire, train, and change the world. As of Q1 of 2019, 6 percent of Times Square’s total office space inventory was open and available to new tenants.
Times Square office space costs an average of just over $83.25 per square foot to rent. This pricing is slightly below the $86 per square foot Midtown Manhattan average. Times Square’s pricing is comparable to that of Penn Plaza, the Garment District, and Greenwich Village.
Almost all of Times Square office buildings are Class A and cost just under $88 per square foot to rent. About 5 percent of Class A space is currently vacant. The district does have some Class B office space. Rent it for just over $65 per square foot. About 9 percent of Class B space in Times Square is vacant. Contact one of our experienced brokers to learn more about Times Square office space that best suits your business needs.
Getting Around: Transportation in Times Square
Though the name “Times Square” may seem to indicate that the area is square-shaped, the neighborhood is actually more bowtie-shaped. Times Square rests at the junction of Broadway and Seventh Avenue and spans between West 42nd and West 47th Streets in the heart of Midtown Manhattan. Nearby neighborhoods include Midtown South, the Garment District, and Chelsea.
Times Square offers employees, locals, tourists, and suburban commuters plenty of transportation options. Times Square and Port Authority offer access to 1, 2, 3, 7, A, C, E, N, Q, R, and W trains, as well as 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 with 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 traveling on foot instead. Those who need to fly can use the John F. Kennedy International Airport, LaGuardia Airport, or Newark Liberty International Airport.
Top Commercial Properties For Lease In Times Square
Times Square provides workspaces for some of the world’s most prominent or well-known companies. You could work alongside Disney, Starbucks, Microsoft Corp., and CVS. Some of the buildings in Times Square are nearly as famous as the neighborhood itself. For example, 1500 Broadway is recognizable as the host of Good Morning America. Before choosing a rental site, be sure to check out the following three prime options.
– 640 8th Avenue: 640 8th Avenue, also called 11 Times Square, is the tallest commercial building in Manhattan—at 40 stories—and enjoys stunning panoramic views of the city. 11 Times Square located at the intersection of 8th Avenue and West 42nd Street. It houses 1.1 million square feet of office space, gleaming glass curtain walls, a glass rooftop atrium, and nine-foot ceilings. Right now, this dazzling office location only has one 2,376 square foot unit available for rent. 60 8th Avenue is quite new—it wasn’t even built until 2011. Notable tenants include Microsoft Corp., British Telecom, and Moore Capital Management. Get here via nearby stations 42nd Street—Bryant Park, 42nd Street—Times Square, or 42nd Street—Port Authority.
– 1619 Broadway: The Brill Building, located at the corner of Broadway and West 49th Street, is 11 stories tall and features about 175,000 of rentable office space. WeWork, CVS, Studio Center Corporation, Broadway Video Entertainment, and Key Brand Entertainment all work out of the Brill Building. Built in 1930, this Art-Deco style building has brass doors, a marble lobby, and terra cotta relief statuettes. The Brill Building houses some of Times Square’s Class B office space. Currently, two units are available for rent at 1619 Broadway. Get here using trains 1, A, C, E, B, D, F, M, N, Q, R, W, or S.
– 1500 Broadway: 1500 Broadway has hosted ABC Studios’ Good Morning America since 1985. The building has a long list of other notable tenants as well: Starbucks, Disney, Essence Magazine, NASDAQ, and IIG Capital. Arlen Realty & Development Corporation built 1500 Broadway in 1972. This Class A building is 390 feet tall and has 34 floors. Right now 1500 Broadway has 13 floors, suites, and units available for new renters. Rent a space ranging between 2,656 and 31,217 square feet in size, depending on your business needs. Inquire for pricing or a tour. 1500 Broadway has a noise index of .67 and a Walk Score of 97. Easily access this property via trains 1, 2, 3, 7, A, C, E, B, D, F, M, N, Q, R, W, and S. Eat lunch in style at the Brooklyn Diner – Times Square, Bubba Gump Shrimp Co., or the Hard Rock Cafe.
Times Square Neighborhood History
Times Square was originally named Longacre Square after London’s carriage district. Today’s Times Square visitors and residents probably wouldn’t even recognize the area a few centuries ago. In the 1880s, Long Acre Square was just an empty space interrupted only by a couple of dingy apartments. However, the quiet residential area didn’t stay that way for long.
In 1904, The New York Times publisher Adolph S. Ochs moved the newspaper into Times Tower. That’s when the neighborhood was renamed “Times Square.” However, the publisher said the neighborhood was named without any requests or effort from the paper or its staff. Within a decade, the NYT needed a larger space to operate, but the paper left the building with a world-famous tradition we still repeat annually: the 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.
The influence of the NYT and their New Year’s Eve party encouraged an influx of theaters and entertainment opportunities in the neighborhood. Times Square began to develop its own brand of nightlife. It was actually the premier theater district in the early 1900s during the First World War. Film became an important industry as well. Unfortunately, the Great Depression hurt both the theater and film industries, sending the economy into a tailspin.
Following this economic downturn, in the 1930s, the neighborhood acquired a less than savory reputation. Clubs and shops with untoward items and services began popping up all over the neighborhood. Crime frequency increased as well; in the year 1984, approximately 2,300 crimes were committed annually in Times Square. Finally, in the 1990s, Mayor Rudy Giuliani spearheaded an effort to clean up the neighborhood. Many of these untoward businesses shut down, and crime became less prevalent as well. While in the 1970s Times Square had around 140 adult businesses, the number went down to around 36 by 1993.
Some people refer to these improvement efforts as the “Disneyfication of Times Square.” The Walt Disney Company bought the New Amsterdam theater and began attracting fans to the area. “Now, instead of worrying for your safety, you can stop to shop in a toy store on Broadway while on your way to a production of Disney’s The Lion King,” a writer for NYC Tourist quips.
In 2001, Times Square joined the National Register of Historic Places. In February 2011, it became smoke-free. Today, “Times Square is big, bright, and unforgettable,” boasts The Office Guide to NYC. The neighborhood has certainly gone through some big changes. And with so many daily visitors, globally-known businesses, and media coverage, it seems like anything is possible for its future.