Reimagining Cities-Disrupting the Urban Doom Loop

PROPOSED RECOMMENDATIONS WalkUPs should rebalance their real estate portfolios for economic, PPSF and public sector fiscal optimization.

On average, WalkUPs in the cities analyzed in this report should do the following: • Build more Live portfolio, especially in Downtown WalkUPs, • Increase the ratio of for-sale to for rent Live in all four WalkUP types, Reduce Work portfolio, especially in Downtowns, and Build more Play portfolio in all four WalkUP types. • •

Converting Work to Live product has four benefits: • Reduces Work portfolio to bring it into optimized balance, • Increases the Live category, which has pent-up demand, • Increases the Play category by encouraging local-serving retail to support Live, cultural, sport & entertainment, etc., and

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Creates more Live options for workers who would have the highest propensity 113 to go into the office regularly (thus supporting Work occupancy).

Once stabilized, consider an affordable housing program to allow workers who Work in the WalkUP to live in the WalkUP.

113 According to Downtowns Rebound and other research, workers living within two miles of the office are more likely to commute in more regularly.

86 Cushman & Wakefield