23116_FOC _The City at Night_Report

Where are we starting to see this?

As investors realised that 24-hour cities drove increased utilisation and value, asset management strategies adapted. Firstly, allocation strategies skewed towards those cities that could genuinely offer a 24-hour platform. Secondly, single use buildings are now in the minority, with the vast majority truly mixed use, with some uses alternating between day and night. Whilst new developments had previously displaced night-time uses away from city centres, development and planning policy in the 2030s explicitly recognised the importance and value of the nighttime economy. As public policy shifted towards carbon-neutral transport infrastructure, public transport was designed with the 24-hour city in mind and made viable via automation. Effective 24-hour public transport also meant that the energy and footfall of the city is now exported to our suburban rail hubs, expanding suburban amenity beyond the traditional ‘9 to 5’. Takeaways » The UK has at least three truly 24-hour cities by 2040. » The night-time economy will cater to all, including older demographics. » Overnight stays become more popular among 2-day per week hybrid workers. » All buildings will be mixed use, with uses varying in some cases by day and night.

New York City

New York has long prided itself on being a truly 24-hour city. In a city of 8.4 million (with a further 12 million in the metropolitan area), New York’s subway system is the lifeblood of its 24-hour status. Operating around the clock, it navigates and connects New York’s densely packed urban areas creating a unique melting pot of cultures and communities. The diversity of New York means that boroughs contain completely different traits and cater to different audiences throughout day and night. Pockets of suburbia, such as the city’s Prospect Park, are juxtaposed with the towering skyscrapers of Manhattan. The reclamation of an elevated railway line to create a 1.45-mile urban garden in the form of The High Line and the regeneration and development of Hudson Yards shows the ability of the city to provide completely unique experiences as a draw to visitors. The 24-hour transit system means that the energy of downtown New York at night is transmitted throughout its suburbs, with bodegas and restaurants providing a truly 24-hour service. Whilst mass transit systems are currently questioned over how to adapt to potential new travel patterns, we predict that automation will increase viability in cities such as London which have struggled with implementing 24-hour services.

URBAN ELEMENT THE CITY AT NIGHT

2 Cushman & Wakefiled | Future of Cities |