Last Updated on August 29, 2022 by Amanda Lee
As we settle into Fall and the back to school / back to work routine, we’ve noticed a new trend emerge, the Superstar City. “Remote work has subtly reimagined city life by giving more workers more flexibility, according to Business Insider. In fact, Zillow’s 2021 Consumer Housing Report found that 19% of people moved to a new city within their metro area, and nearly 40% stayed in the same city but switched neighborhoods. Employees want work flexibility yet access to their favorite morning coffee spot, the best happy hour, all near home and the office, thus enabling the Superstar City.
🌇 How Remote Work Impacts Cities and Storefronts
Remote work didn’t wipe out big cities – it made them even bigger
“Even as offices decline, the community or the neighborhood or the city itself will take on more of the functions of an office,” he said. “People will gravitate to places where they can meet and interact with others outside of the home and outside of the office.” Business Insider
Why the city will survive the age of pandemics and remote work
“Big cities will continue to hold appeal, especially for young people. Density creates a lot of stimulating and exciting stuff to do, and people will continue to flock to places that have it. And we are a social species that gets smart by being around other smart people. We create new ideas by being collaborative.” NPR
New store opening announcements are up 58% from 2020: Coresight
“Retailers have announced 4,969 store openings so far in 2021, which represents a 58.3% increase over last year. Sales for many are surging back, and the environment looks safe for many retailers looking to expand.” RetailDive
🍦 So, What’s the Scoop?
We can’t stay remote and virtual forever. While COVID has enabled a flexible work model, the desire for in-person work options whether at a third office or community hub are apparent. And, people crave engagement with their favorite stores, retailers and restaurants.
📊 ICYMI: Occupier Analytics is live!
Our Product Team has released Occupier Analytics Dashboards available to all Lease Administration users. Unlock the data buried within your business’s real estate portfolio and beginning digest stats like:
- Dive into average rent per headcount
- Digest your spaces desk ratio
- Analyze your critical dates and lease expirations
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