303,338 1,062,964 4 New Stores 77,937
Total Page:16
File Type:pdf, Size:1020Kb
TIMES SQUARE | JANUARY 2020 KEY INDICATORS January By the Numbers Monthly Key Economic Indicators 4 new stores Opened in Times Square 1,062,964 Broadway Tickets Sold 303,338 Average Daily Visitors to Times Square 77,937 MODU and Eric Forman Studio’s Heart Squared was unveiled on January 30th. Total SF Leased in Times Square Average Daily Visitors Pedestrian Count As expected, pedestrian counts fell signifcantly between Decem- AVERAGE DAILY 2019 / 20 ber and January as the holiday PEDESTRIAN COUNT 2018 / 19 season came to a close. 450,000 This month, the average daily 425,000 pedestrian count was 303,338, 400,000 375,000 exceeding that of January 2019 360,747 by 1.1%. 350,000 340,637 325,000 Times Square pedestrian counts 299,981 303,338 300,000 peaked on Thursday, January 2 at 414,651 people. 275,000 250,000 225,000 DECEMBER JANUARY Source: Springboard TIMES SQUARE | JANUARY 2020 KEY INDICATORS Commercial Real Estate Class A In January, Times Square’s Class A commercial offce occupancy rate XXXXXXOCCUPANCY RATE/ XXXXTIMES SQUARE PRICE PER SQUARE FOOT XXXXMIDTOWN of 91.0% continued to exceed CLASS A PRICE PER SF Midtown’s average of 90.5% 95% $63 Times Square’s average price per 93% square foot was consistent with $63 December at , remaining low- $72 $65 $65 91% $78 $78 $79 er than Midtown’s which increased $65 to $79 per square foot. 89% Notable leases this month include: • Industrious (new lease) 87% 135 W 50th Street (61,623 SF) • Chiesa Shahinian & Giantomasi 85% OCTOBER NOVEMBER DECEMBER JANUARY (expansion) Source: CoStar, CompStak. Times Square fgures include properties within the BID boundaries. Midtown 11 Times Square (8,191 SF) fgures are based on CoStar Submarkets. Beginning in Dec. 2016, the Alliance changed our methodolo- gy for reporting commercial rents to be a six-month moving average of net effective rent. XXXXXX XXXX XXXX Hotels Rates & Occupancy Between November and Decem- ber, the average daily room rate HOTEL OCCUPANCY + OCCUPANCY AVERAGE DAILY RATE rose from $263 to $332, on AVERAGE DAILY RATE par with December rates from the 96% previous two years. Times Square’s occupancy rate $325 94% increased slightly from December $332 2018 to 93.6%. $331 Year over year, Times Square continues to see a higher ho- 92% tel occupancy rate than Midtown (91.0%) and Manhattan overall (90.0%). 90% 2017 2018 2019 Source: Smith Travel Research. All fgures are based on representative samples of hotels within respective boundaries. Please note that hotel fgures are based on the month prior to the reporting month. TIMES SQUARE | JANUARY 2020 KEY INDICATORS Broadway Attendance & Gross Sales In January, Broadway sales rose slightly from 2019 levels to an BROADWAY ATTENDANCE 2020 average of $33.1 million per (in thousands) 2019 week. 400 While sales increased, atten- 350 dance decreased by 3.6% to 1.06 million attendees 300 through January 2020. The frst week of January marked 250 Broadway’s highest grossing week of 200 the decade so far, with gross sales topping $43.1 million. 150 100 Eleven shows ended their run on 1/5 1/12 1/19 1/26 Broadway this month, including The Lightning Thief, Oklahoma!, Source: The Broadway League and Freestyle Love Supreme. BROADWAY GROSS SALES 2020 (in millions) 2019 $50 Oklahoma! ended its run at the Circle in the Square Theatre on January 19th. $43.1 $40 $37.5 $31.9 $31.7 $27.6 $30 $31.1 $30.4 $30.0 $20 $10 1/5 1/12 1/19 1/26 Source: The Broadway League TIMES SQUARE | JANUARY 2020 KEY INDICATORS Retail Update Opened & Coming Soon OPENINGS W 53rd St COMING SOON W 52rd St Sally’s Beauty Supply Urbanspace Market Food + Beverage Retail W 51st St Entertainment Other W 50th St W 49th St Harrison Restaurant and Bar Gong Cha In January, Times Krispy Kreme W 48th St Square welcomed Smilers Delicatessen four new restaurants ChangeGroup and stores, including W 47th St Nisi at 250 W 47th Nisi Street, Urbans- pace Market at W 46th St 152 W 52nd Street, Prime Catch 46 and Gongcha at 1600 Broadway. W 45th St Walgreens Springing forward, Running Subway Productions we are excited for W 44th St Taco Bell the coming season’s openings of Krispy W 43rd St Kreme at 1593 Chick Fil A Broadway and JD Just Baked Sports at 6 Times W 42nd St Square. JD Sports Club Nebula W 41st St ve A Broadway 6th 8th Ave 7th Ave W 40th St.