Times Square is on the rise: Adams & Co. plays a significant part in the area's revitalization

Times Sq. is on the rise; Adams & Co. is seeing a significant boost in retail and office rents in this prime location as retail tenants are eager to capture the immense foot traffic, and media and tech firms are drawn to the area as a more cost effective alternative to Midtown South. The area stretching from 39th St. to 49th St., between Sixth Ave. and Ninth Ave. is active with an increasing number of retail tenants, new hotels, high-profile office tenants, a wide range of restaurants and a number of redevelopment projects in the works. With close proximity to major transportation, this area has continued to develop and diversify into a competitive location for leading retail and prominent office tenants. According to the Times Square Alliance, Times Sq. alone supports 10% of the city's jobs and generates 11 percent of the city's economic output through its 197,600 employees. The ongoing transformation of Times Sq. is changing the quality of life for many companies leasing space in buildings located in this central sector of Manhattan. Adams & Co. has played a significant part in the revitalization of Times Sq., making it a more desirable space for office tenants by renovating class B and class C buildings on the side streets, bringing them up to date with all modern amenities and conveniences that class A buildings are traditionally known for. By making these buildings more attractive to tenants, alternatives are established for those being priced out of Midtown South or are unable to find inventory due to the low vacancy rates. By investing millions of dollars into these buildings, Adams & Co. is continuing to see a strong demand from many tech, media and professional services industries, which allows us to maintain a low vacancy rate. Adams & Co. has also begun converting retail spaces to month-to-month leases rather than signing long-term agreements. Two years ago, Adams & Co. would sign 10-year leases, however, now we are allowing their retail tenants to make more short-term deals, giving Adams & Co. the opportunity to be flexible and create something interesting when the time arises. According to the 2013 Q1 Cresa NY Market Reports, overall transaction volume in Midtown increased by 38% from last quarter (2012 Q4) and by 60% from one year ago. 14% of the 2013 Q1 leases signed were by tech tenants, a one percent increase from 2012. Media tenants were close behind with 13 percent. Adams & Co. recently signed space for tech tenants Integrate NY and Quick Response Service Inc. at 110 West 40th St. Times Sq.'s superb access to transportation hubs and entertainment options is continuing to give it an edge in attracting non-traditional tenants to buildings in the neighborhood. With The Sunglass Hut recently signing a lease at 1540 Broadway, Buca Di Beppo opening, a Senior Frogs coming to the area, Equinox signing a lease at 120 West 42nd St. and Guy Fieri's recently opened Guy's American Kitchen and Bar the area is bubbling with growth. Adams & Co.'s strong knowledge of the area around Times Sq. and overall market expertise allows us to guide tenants to stable landlords and advise clients on industry-specific locations that place them near like-minded companies. Adams & Co. has a long-standing strategy in niche markets including Times Sq., a constantly changing and evolving area. Our ongoing success is evidence of our market knowledge and robust relationships with local brokerages; Adams & Co. knows the landlords and real estate community on a local level. With 100 years of experience, Adams & Co. has always, and will continue, to play a critical role in the Times Sq. value-driven commercial real estate market. James Buslik is a principal at Adams & Co. Real Estate, New York, N.Y.