It’s been commonly known as the Garment District, but with the recent surge of tech industries moving into the area, some are calling Times Square South by a new name: Chelsea North. Confused?
“The market has changed dramatically,” said Diana Gaines, a senior director at Cushman & Wakefield, of Times Square South. “The area called Times Square South has traditionally been known as the Garment Center. In the last few years, this has become less and less the norm.”
» When word began to trickle down last week that a confluence of lingering domestic and international worries were behind a sluggish third quarter of office leasing, few analysts were surprised. Indeed, amid questions surrounding the international debt crises, this country’s upcoming presidential elections and a fog of property tax and regulatory issues, rather than making big moves, many of the city’s largest corporate tenants have chosen to do nothing at all. But in Times Square South, Midtown’s third-largest submarket, tech startups and creative professionals continued to flock to the area’s high-ceilinged, big-windowed stock of office buildings, making it one of the few neighborhoods to show third-quarter improvement. Ken McCarthy, senior economist at Cushman & Wakefield, reviewed the neighborhood’s third-quarter activity with The Commercial Observer and explained why Times Square South did so well.