Multiple recent local, regional and national studies confirm what has become well-known rhetoric­­—today’s workforce wants to “work where they live,” rather than “live where they work.”

A recent article in Urban Land Magazine, Remaking the Midwest: Mixed Use and the Rise of 18-Hour Cities, overviews some of the findings of CBRE’s study titled “Resurgence in Midwest Secondary Markets.” These findings are consistent with Urban Land Institute & PwC’s 2016 Emerging Trends in Real Estate® report that speaks to growth in secondary U.S. markets. In the study, CBRE illustrates how the building boom in these markets, including Columbus, is “being fueled by three fundamental factors – people, place and profit.”

The premise is that communities are transforming to meet the needs of the growing population in secondary markets, generational needs of millennials and post-recession market factors. Among the key findings specific to Columbus:

• The downtown Columbus population has grown from 4,500 to 7,000 from 2005-2015
• One of the City’s main natural resources, 140,000 college students, drives the community to continue to invest in amenities to retain its talent
• Companies have been following top talent, and have been willing to incur higher operating costs to locate near top talent

“Our downtown has really had a renaissance over the last 15 years,” —Guy Worley, President and CEO of the Columbus Downtown Development Corporation

For more information on this topic, join the Columbus District Council of the Urban Land Institute as it unveils Real Estate Trends in Central Ohio 2016, its popular annual report offering in-depth insights and timely projections about trends influencing the local real estate market in the coming year.

Read the full article Remaking the Midwest: Mixed Use and the Rise of 18-Hour Cities

View the Emerging Trends in Real Estate® 2016 Report

Written By:

Chris Magill
ULI Columbus Communications Committee Member
Economic Development Director, IceMiller