Union Square retail staying steady

September 22, 2010 01:00PM

Jennifer Falk

While many of New York City’s main retail neighborhoods have taken their hits during the recession, industry experts say that Union Square is holding strong, as big box retailers and chain eateries proliferate, even in the down economy, according to the New York Times. Jennifer Falk, executive director of the Union Square Partnership, an economic development organization, said that vacancy rates are not only low now, but have been even in the economic downturn. “We estimate that our ground-floor vacancy rate is a little less than 3 percent right now, and office space vacancy is a little less than 7 percent,” Falk said. “That’s remained steady for the last two years; we’re really amazed.” Of course, other retail neighborhoods have been performing strongly as well, according to recent reports. As The Real Deal reported, Cushman and Wakefield named Fifth Avenue retail as the priciest in the world for the ninth consecutive year, in a report that tracked high-profile shopping districts around the globe. Faith Hope Consolo, a retail broker with Prudential Douglas Elliman, said yesterday during a panel that she feels positively about U.S. retailer strength. [NYT]