Reimagining Cities-Disrupting the Urban Doom Loop

TAX REVPSF INDEX DECLINES ALMOST EVERYWHERE Revenue per square foot index (2019 vs 2023, % change)

10%

0%

-10%

-20%

-30%

-40%

-50%

-60%

Miami

Miami

Miami

Miami

Dallas

Dallas

New York Dallas

New York Atlanta Dallas

Austin

Austin

Austin

Austin

Seattle

Seattle

Los Angeles Phoenix Seattle

Seattle

Boston

New York Boston

Boston

Boston

Denver

Denver

Denver

Denver

Philadelphia New York Atlanta

Atlanta

Atlanta

Raleigh

Raleigh

Raleigh

Raleigh

Phoenix

Phoenix

Phoenix

Chicago

Chicago

Chicago

Chicago

Philadelphia

Philadelphia

Philadelphia

Los Angeles

Los Angeles

Los Angeles

San Francisco

San Francisco

San Francisco

San Francisco

Washington DC

Washington DC

Washington DC

Washington DC

Downtown

Downtown Adjacent

Urban Commercial

Urban University

Source: Places Platform, LLC; Cushman & Wakefield Research Note: Three cities also have an income tax (New York, Philadelphia and Washington DC). Total % change, not an annualized growth rate.

GREATER WORK SHARE = GREATER DECLINE IN REVPSF Revenue per square foot index (2019 vs 2023, % change)

10%

20% 30% 40% 50% 60% 70% 80% 90%

10%

0%

-10%

-20%

-30%

-40%

-50% % Change in Revenue per Square Foot

Work % Inventory (2023)

Downtown

Downtown Adjacent

Urban Commercial

Urban University

Source: Places Platform, LLC; Cushman & Wakefield Research Note: Three cities also have an income tax (New York, Philadelphia and Washington DC). Total % change, not an annualized growth rate.

Reimagining Cities: Disrupting the Urban Doom Loop 51