Ways Cities Maximize Downtown Revenues

What is happening?Working from home is impacting revenues for downtown businesses, property owners, and property tax revenues.

Why is this important? In average downtown 71% of the buildings are high rise office buildings. In major cities like Chicago that number soars to 90%.

How will this be important? Cities are adapting. Nashville and Austin grew their populations by encouraging mixed-used, walkable developments that combined homes, stores, restaurants and offices. New York, Atlanta and Washington, for example, supported restaurants that spilled onto streets and sidewalks.  Detroit used ARPA dollars to convert a high-rise office building into senior housing. Madison, Wisconsin, pumped funds into brick-and-mortar retailers to upgrade their spaces.

Route Fifty | As Remote Work Sticks, Cities Seek New Ways to Lure People Downtown