Reimagining Cities-Disrupting the Urban Doom Loop

BID BUDGET AND REAL ESTATE VALUATION PER SQUARE FOOT Budget PSF & real estate PPSF by BID (2023)

$200 $300 $400 $500 $600 $700 $800 $900 $1,000

Valuation recovery is complicated by the fact that national capital markets are outside the control of any city, much less a place management organization. To account for this, we isolated net operating income (NOI) psf and found that WalkUPs with BIDs fared worse than those without them—and those with BIDs with budgets over $2 million fared the worst. The only exception was in the few Urban University WalkUPs that also have private place management, where this trend was reversed. This could be due to factors such as the tendency of workers, students and patients at higher education institutions and hospitals to return to in-person interactions more quickly.

Real Estate PPSF

$0 $100

$0.0 $0.2 $0.4 $0.6 $0.8

Budget PSF

Source: Places Platform, LLC, Cushman & Wakefield Research

REAL ESTATE PRICE PSF BY BID STATUS AND BUDGET % Change in total real estate PPSF (2019-2023) by BID status and budget size

ALL BIDS VS ALL NON-BIDS

BIDS >$2M VS ALL OTHERS

-30% -20% -10% 0% 10% 20% 30% 40%

25%

15%

5%

-5%

-15%

-25%

-35%

Downtown

Downtown

All WalkUPs

All WalkUPs

Urban University

Urban University

Urban Commercial

Urban Commercial

Downtown Adjacent

Downtown Adjacent

No BID

Has a BID w/Budget >$2M No BID or BID w/Budget <$2M

Has a BID

Source: Places Platform, LLC, Cushman & Wakefield Research

60 Cushman & Wakefield