Reimagining Cities-Disrupting the Urban Doom Loop

sports and entertainment 90 draw visitors from both the city and the wider metropolitan area, as well as from outside the region. The significance of museums, theatres, arenas, stadiums, and other sports and entertainment venues cannot be overstated. Living in or near a major city provides abundant opportunities to experience arts, culture and sports events. These areas serve as “third places” where communities can be formed and nurtured. 91 We estimate that just over one-quarter of all visits to the four WalkUP types discussed in this report are due to people patronizing these types of anchor establishments. This is remarkable considering these establishments make up only an estimated 1% of real estate inventory in WalkUPs. Visitor activity in these areas ranges from 18% to 19% in Urban University and Downtown WalkUPs, to 35% in Downtown Adjacent WalkUPs, to nearly 50% in Urban Commercial WalkUPs. This means that nearly half of Urban Commercial visits are to destination retail, entertainment and sports properties which occupy only 0.6% of real estate stock within those WalkUPs. There has been much theorizing that the currently dominant “knowledge economy” will be joined by an “experience economy,” which provides value-added experiences to GDP growth. The experience economy is particularly transformative in the retail sector. For example, Apple stores generate annual sales of $8,000 to $10,000 psf, due to their clerks serving as computer consultants. This is significantly higher than conventional retail, such as department stores, grocery stores and high-end jewelry stores, which have annual sales ranging from $500 to $2,500 psf. The rise of the experience economy is also evident

in the growth of private sector museums like the Spy Museum in Washington, DC and Meow Wolf in Denver, which supplement the traditionally public sector-subsidized museums (e.g., art, natural history, history, etc.) with money-making private sector museums. This trend suggests the emergence of many more third places to come. Just as the knowledge economy favors WalkUPs for work locations, the experience economy also seems to favor them because of the proximity of venues within walking distance and the enhanced social experience in a world that has seen a reduction in social life. 92 Single and two-person households are the target to live in WalkUPs; in 2023, they made up 64% of all households, up from 59% in 2000. 93 The marginal growth of single and two-person households is over 80% of new households during this time period. WalkUps are poised to benefit from strong demographics and shifting consumer demands for walkable urban living, socialization, activity and personal connections.

These changing demographics are best reflected in the 1960s hit song by Petula Clark:

When you’re alone and life is making you lonely You can always go...downtown When you’ve got worries, all the noise and the hurry Seems to help, I know, downtown

90 These categories are also referred to interchangeably with ‘anchor institutions or facilities.’ Included in these totals are attractions, bars and pubs, theatres and music venues, nature and landmarks, halls and auditoriums, stadiums and arenas and athletic fields.

91 Butler, Stuart M, and Carmen Diaz. “’Third places’ as community builders.” Brookings, 2016. 92 The U.S. Surgeon General recently released a report on “Our Epidemic of Loneliness and Isolation,” 93 US Census

68 Cushman & Wakefield