The Q2 2021 Market Report provides an economic snapshot of the district from April through June 2021. Flatiron and NoMad’s commercial office leasing increased 33% mirroring pre-pandemic volumes seen in Q1 2020. Availability rates increased due in large part to two new large office developments entering the market including 23 West 20th Street and The Textile Building (295 Fifth Avenue).
Ground floor retail leasing continued to increase with most signings occurring along Broadway between 25th and 31st Streets near major office, hotel, and residential developments. New tenants including Harry Potter New York, The FRIENDS Experience, and Dominique Ansel Bakery helped increase activity in the district. Additionally, pedestrian volumes were up 80% by the end of June compared with June 2020.