Times Square retail is on a roll

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•Times Square continues to show signs of prosperity as availability in the corridor dropped to 5.9 percent in the second quarter, the lowest of all submarkets tracked by JLL Research.

•The area benefited from the marked decrease in asking rents that has been observed city-wide; the current average of $1,833 psf represents a 17.3 percent decrease year-over-year.

•Recent entrants to the submarket include McDonalds, which signed a lease for 9,000 square feet at 1530 Broadway, and Covergirl, which leased 10,000 square feet across five floors in a 10-year deal at 719 7th Avenue.

•Retailers continue to take note of the unmatched branding opportunities the submarket provides; for example, the Covergirl store will be the first-ever in the company’s history and will have nearly 6,000 square feet of LED signage.