Marc Lawrence’s Post

🌃“‘Many large downtowns struggling to bring back activity during the workweek are booming after hours. San Francisco, Chicago, Detroit, Minneapolis, Houston, and Dallas all experience after-hour activity at least 35% higher than during the workweek,’ write Amir Forouhar, Karen Chapple and Jeff Allen from the School of Cities.
D.C. is one of the places still languishing during the workweek, but it’s surging after hours with an influx of tourists, new residents and suburbanites looking for a special night out. Weekend bus and Metro rail ridership is now above 2019 levels.” 🥳This #YOLO economy holds lessons for two separate #cities: 1. #WashingtonDC mayor Muriel Bowser needs to quit begging the federal government to require workers to commute back to downtown. It’s clearly a waste of time and is responsible for DC falling behind its peers. Her focus needs to be on a livable city of the future, not the commuter-fueled relic of the pre-#Covid era. 2. 🚇The proposal by #Atlanta mayor Andre Dickens to add infill stations to MARTA (Metropolitan Atlanta Rapid Transit Authority) needs to be prioritized. Each additional station creates the potential for a new hub of entertainment and residential #realestate development, especially those that will connect to the city’s main #micromobility corridor— the Atlanta BeltLine. This will require some #transit funds to be moved around, so it won’t be without controversy. https://lnkd.in/dNJ7xpBp

Trend Tuesday: The Suburban Shift! As remote work continues to rise, so does the appeal of the suburbs. For many Americans, it's about finding balance—trading city hustle for suburban tranquility, with lower taxes and affordable housing as an added bonus. Whether it’s out of necessity or by choice, the move to ‘middle neighborhoods’ is gaining momentum. These areas combine the best of both worlds—suburban charm with a touch of urban convenience. 🌳 Could this be the future of real estate? Drop your thoughts below! ⬇️ #TrendTuesday #SuburbanShift #RealEstateTrends #RemoteWork #MiddleNeighborhoods #CuppOfWisdom

“Just getting around town is very simple,” Vahid Behzadi, 45, says of his Fort Worth commute. “It’s a big city, but it’s not overwhelmed with traffic.” Can you relate to that sentiment? Or is your commute around town definitely NOT "very simple"? For many Americans, the drive to and from work requires enduring slow-moving, soul-draining traffic. But in certain cities, driving during rush hour is a breeze. Columbus, Ohio; Memphis, Tenn.; and Milwaukee have some of the fastest commutes, clocking in around 22 minutes one way, according to a new analysis of federal data looking at cities. While the data includes all types of commutes, three out of four American workers drive. When measured by miles an hour, Fort Worth, Texas, Memphis and Detroit have speedy commutes. They average 27 miles an hour—or 4 mph faster than the U.S. average—without having to slow down for congestion, according to research conducted by the Harris Poll and ride-share company Lyft. The cities with the fastest drive times either had visionary urban planning, well-run public transit programs that help ease car traffic or smaller populations on bigger roadways that made the commute less frustrating, transportation researchers and city officials say. A look at the cities with the quickest commutes...

Find out what S&P’s downgrade of San Francisco signals for US cities facing the hollowing out of their downtown areas as remote working practices take their toll. Download our free CRE analysis now.   https://lnkd.in/g-5eEc3x #usproperty #commercialproperty

Shrinking families, growing homes 🏡! Despite smaller household sizes, single-family homes are on the rise in both number and size. One key driver? Young adults moving back in with parents + work-from-home revolution turning homes into offices. 📈 America's housing needs are changing to accommodate multigenerational living & remote workspaces. Is the dream of a spacious home shifting, or are we redefining how we use space? #housingtrends #newnormal 🏠 Follow @Biztipsnhacks for daily Business Tips & Quick Hacks Content just like this credits>>> @hustle2achieve

New research from Nick Bloom's Stanford University team now confirm that super commutes - those of 75 miles or longer - are up by 33% since 2020? Are these people nuts? The good news is that these commutes are 1 to 3 days/week vs. 5. And in some cases, they are not full days. Presence in offices is relatively steady but frequently, is less than a full 8 hours allowing participants to arrive later or depart earlier missing rush hours. Research shows that younger employees and high earners—defined as those who make over $250,000—are choosing to live farther away from their offices. Between 2021 and 2023, the 56 major metro areas in the U.S. lost a net of 1.9 million people who moved elsewhere. This data suggests that people will select more value in housing and accept longer commutes provided the number of office days is limited. Over time, as organizations' office leases come up for renewal, they may move their office components closer to where employees live vs. to legacy office space in CBDs where no one wants to be any longer.

Here is why companies are sending employees back to the office: This 60 MINUTES video shares great insight on what is happening to office buildings in New York City. Empty office buildings contribute to a factor called the ‘Urban Doom Loop’ where empty office buildings are causing decreased property values and potential mortgage defaults which leads to decreased property tax assessments. This leads to a lower tax revenue for cities and in turn causes lower budgets for schools, police, government, city/urban planning etc. Then those employees working from home experience a lesser quality of life and chose to leave the city for cheaper housing and a better quality of life. Which leads to retail businesses closing. New York City has lost close to 1M people since 2020. Thoughts? https://lnkd.in/dNwA2BAh

Bergen County, NJ, is highly influenced by New York City as we are literally 1 mile across the Hudson River from Manhattan. Roughly 1 out of every 5 of us comute to NYC for work. That's a lot as we have 956,000 people. Even with the advent of remote work, almost all must return to the office 2 or more days weekly. Commuting time is 1 of the top 3 factors in a home purchase here. A good deal of the County relies on a train commute which has become increasingly fraught with delays, slow downs etc. However the long awaited Gateway Tunnel being built now is projected to cut commuting time by 1/3. I think that this will increase property values in the furthest out towns here as a 1 hour train ride will become 40 minutes. In addition, it will raise values further out in NJ and perhaps increase the overall competitive landscape for Bergen County where the difference is projected to be 50% This could become a seismic value adjustment for many areas in my view.

As U.S. cities continue their recovery from the pandemic and inflation, New York City was expected to provide a key national test for the economic value of congestion pricing. A cost of living crisis, preparing for climate challenges, and aging infrastructure, including public transportation, all made the congestion pricing plan make sense to many. The basics of the Metropolitan Transportation Authority plan were easy to understand: a $15 fee for daytime automobile commuters entering New York City at or below Manhattan’s 60th Street — which would have been the first of its kind in the United States. It was designed to fund transit system improvements with an estimated $1 billion in annual funding. The MTA estimated the toll would cut car traffic in the country’s most automobile-congested area by about 100,000 cars per day, or 17%. In killing the latest version of that plan on Wednesday, which was set to go into effect in just weeks, current New York Governor Kathy Hochul spurned an idea she had supported as a model for cities in improving mass transit, quality of life, and environmental sustainability. Hochul cited the citywide post-pandemic economic recovery as a key driver for the decision, and concerns about deterring commuters from working in or visiting the area, called the “Central Business District.” At the time of the pre-Covid state legislature approval in 2019, workers were in the office five days a week and tourism was at a record high. Still, the plan was federally approved in June 2023, and slated to go into effect on June 30, even with office vacancy rates in Manhattan as high as 15%. Hochul cited the three-day in-person workweek of many office workers as a symptom of the pandemic, and expressed concerns that people would return to fully remote work with this toll. A 2024 Gallup poll found that 54% of remote capable jobs, like those in finance and technology, operate on a hybrid model, and 27% are exclusively remote. 

🏙️📈 Wall Street Wakes Up the Workplace: The Revival of City Offices 🌆 Redefining Urban Workspaces: The Wall Street Catalyst Amidst the gradual revival of urban centers, Wall Street banks have emerged as unexpected catalysts, driving up office occupancy rates. This move signifies a paradigm shift from the remote work culture to a renewed interest in physical workspaces. 🔄 Evolution of Work Cultures: From Pandemic to Present Tracing the shift from remote to office-centric cultures provides insights into the changing dynamics of workspaces. 🌟 Impact Beyond Finance: A Ripple Effect Across Industries The move by financial giants is influencing other sectors, reshaping urban economic landscapes and daily life. 🔮 The Balance Ahead: Hybrid Work Cultures This resurgence might lead to a more hybrid work environment, blending in-office and remote work practices. Join the conversation and share your thoughts! #OfficeRevival #WorkplaceCulture #WallStreetTrend #RTO #ReturnToWork https://lnkd.in/echS3hZu