Markets & Economy

Infill multifamily deliveries spur company relocations

Developments motivating companies to relocate downtown

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The number of infill-located multifamily developments delivered and underway has motivated a number of companies to relocate to cities’ downtowns -- where a growing number of talented employees are living or planning to move to. At least 500 companies have relocated to walkable neighborhoods during the past five years. Their primary reason: to attract and retain talented workers. These employers seek offices that allow their employees to both live and work without the need of a car. According to findings from Smart Growth American and Cushman & Wakefield, businesses consider a walkable downtown location a competitive advantage. The study found that the "walkability score" of companies’ previous locations was 52, compared with 88 in their new location. A building that achieves a walkability score around 90 is a space that allows daily errands and commutes to be accomplished without a car. The majority of the nearly 500 relocations cited were situations where a co...