Local Economy Stabilizes & Broadway Transforms in NoMad (Q2 2023 Economic Report)
Jul 26, 2023
While some 9-to-5 office districts struggle to regain foot traffic and attract business, Flatiron and NoMad remain ahead of the recovery curve due to their mixed-use nature. In Q2, Broadway (25th – 32nd Street) transformed via DOT’s Broadway Vision program which is positively impacting the local economy in NoMad and staking claim as a neighborhood hotspot for dining and hospitality. Other Q2 report highlights:
- Dozens of new businesses have opened since 2022 (retail vacancy below 10%)
- Residential population has grown 7-10% since 2019
- Five new hotels opened since 2022 (Average Daily Rates outpaced 2019 prices and room occupancy remains higher than other NYC neighborhoods)
