After facing challenges in the aftermath of the Covid-19 pandemic, downtowns throughout the United States are now showing signs of a positive turnaround. Despite a slow return of workers and persistently high office vacancy rates, a notable resurgence in residents and an influx of visitors and tourists have played a significant role in bridging the gap.
These insights stem from a recent study conducted by Paul Levy and his team at Philadelphia’s Center City District, which examined 26 of the largest downtowns in America. The study tracked recovery trends from the second quarter of 2019, prior to the pandemic, to the second quarter of 2023. Utilizing detailed cell phone tracking data from Placer.ai, the research meticulously charts the activity patterns of three key groups: non-resident workers commuting to downtown, downtown residents, and visitors seeking cultural and entertainment experiences in downtown areas.
*Article courtesy of Bloomberg
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