Shifts In Big, Midsize, And Small Cities

‍Fifth Wall Newsletter: https://mailchi.mp/fifthwall/big-cities-on-the-rise 

In the last few years, the way we live has changed in a big way—and that means cities have changed, too. Taking a look at the data and expert opinions, it appears the state of cities isn’t as worrisome as some headlines make it out to be, as reported in a recent feature from Vox’s senior business and technology correspondent Rani Molla.

The demise of big cities is greatly exaggerated. The same things that attracted people to big cities before are still attractive: jobs, lots of people, social and professional opportunities, cultural amenities.

• From July 2021 to July 2022, most of the biggest U.S. cities had lower population losses, a switch to population gains or even greater gains, an analysis from Brookings Institute shows.
• For the population groups at both ends of the age spectrum—the young and the old—post-Covid big cities could represent the sweet spot, reports Vox.
• Even with the historic pandemic population loss, there were very few people who abandoned urban life all together, according to a Stanford economics professor who spoke to Vox.

Downtowns in big cities will revolve around more than just office space. The task of transforming these buildings is a complex challenge. 

• Big cities seeing the most success right now have these commonalities: “They are relatively affordable and offer mixed-use, vibrant downtown areas with a mix of retail, restaurants, entertainment, walkability, and housing,” writes Brendan Wallace, cofounder and managing partner at Fifth Wall. “Downtown areas need to be excellent places to exist and enjoy… not just pop in for work and go home.”
• Most experts agree that these business districts will diversify—emphasizing revenue streams like food, entertainment, tourism, and housing. “It takes a lot to kill a city,” one urban planning and development expert told Vox. “Cities are constantly re-fueling and regenerative.”

Small and midsize cities have a big opportunity to capitalize on remote work. Remote and hybrid work means that people who are leaving cities can go farther to more rural areas.

• This means smaller cities must highlight that they’re good places to live, too. What are remote workers looking for? “Things like cheap housing, good schools, temperate climates, abundant green spaces, good airports, and robust cultural activities,” Vox writes.
• “To thrive, cities will have to think like consumer products in a world of infinite choice,” an economic historian told Vox. “They will have to be more deliberate about the mix of customers they’re trying to attract.”