Times Square South Feeling Tech Boom
Jotham Sederstrom Oct. 4, 2012, 7:15 a.m.
» 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.