Times Square Alliance Releases March Key Indicator Report
The business improvement district (BID) for the Times Square area from 40th Street to 53rd Street between 6th and 8th Avenues, as well as Restaurant Row (46th Street between 8th and 9th Avenue) released its March monthly “By the Numbers” report. Key takeaways revealed that the neighborhood’s Class A commercial occupancy declined 91.2% month-over-month but continued to surpass the broader Midtown submarket rate of 87.2%. Net effective rents continued to decrease incrementally, ending March at $61 per square foot. Daily foot traffic reached its highest level since the pandemic shutdown the city’s economy, however it remains 34.6% below the pre-Covid pedestrian count in March 2020.