NEW YORK CITY–A bustling Times Square, which is reclaiming its crown as Crossroads of the World with a surge in tourism, rising retail rents and a bevy of new businesses, has notched in important benchmark in its recovery from the travails of the pandemic.
The entertainment district, which saw 179 businesses shutter during the Covid-19 emergency, recently recorded its 180th business opening since the pandemic, according to a report in the Wall Street Journal.
Retail rents in Times Square averaged $1,342 per square foot in the third quarter, a 40% increase from the same period last year, when average asking rents plunged to $959 per square foot, according to a new report from JLL.
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