The report highlights economic indicators that its authors say position Union Square as a strong example of a “15-minute neighborhood,” an urban concept in which most daily necessities and services, like work, shopping, education, recreation and healthcare are all within a 15-minute walk or bike ride.
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A new report on Union Square touts the economic benefits of the neighborhood’s mix of businesses, housing and amenities in close proximity.
Leaders of the Union Square Partnership, the area’s business improvement organization, detailed the area’s recent commercial leases and business openings in its annual Commercial Market report.
The report highlights economic indicators that its authors say position the neighborhood as a strong example of a “15-minute neighborhood,” an urban concept in which most daily necessities and services, like work, shopping, education, recreation and healthcare are all within a 15-minute walk or bike ride.
“Union Square-14th Street’s continued growth as one of New York’s economic engines is a testament to the district’s vibrancy. This year’s Commercial Market Report is a culmination of Union Square’s value to businesses as a true 15-minute neighborhood,” said Julie Stein, the nonprofit’s executive director.
The report shows a rise in business openings since the pandemic in the business improvement district, which covers a large area centered on 14th Street. Union Square welcomed 126 new businesses since January 2020, which include 54% eateries, 28% retail and 18% neighborhood services like health and wellness.
This total is increased by 40 business from around the same time last year. The next year is already slated to be busy, with 22 more business opening soon.
A press release accompanying the report notes that pedestrian traffic is key to economic growth as is the diversity of businesses and amenities. The report notes that recent visitor traffic reached 98% of 2019 levels.
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