Local Economy Stabilizes & Broadway Transforms in NoMad (Q2 2023 Economic Report)

Data & Reports

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)

Full Report: Q2 2023 Economic Report

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