New York City.
NEW YORK CITY- Cool neighborhoods are becoming growth engines for urban renewal, expanding outside of large primary cities like New York City and San Francisco, to secondary and tertiary markets like Portland, Ore. and Charlotte, N.C., according to a recent report from Cushman & Wakefield titled Cool Streets of North America.
Neighborhoods like Williamsburg in Brooklyn and Manhattan's Bond Street in NoHo, have served as a blueprint for other 18-hour streets in different states. These so-called streets are considered hubs for restaurants and bars, or any other type of amenity that not only attracts Millennials but parents whose children have left the nest, Garrick Brown, vice president of retail intelligence for the Americas at Cushman & Wakefield, tells GlobeSt.com.
"Some think it's all millennials who are about urban living and underestimate the great number of empty nesters," he said.
Secondary and tertiary markets have become more driven toward urban living over the past several years. From 2010 to 2015, the urban population growth rate went up 21%, wherein previous years the norm had been 10%, according to the C&W report.
At the start, C&W approached the "cool streets" research from a retail point of view, but as the team dove into what was driving the growth, they realized the majority of the market preferred to locate to a live-work-play environment, free of long commutes. "The name of the report sounds like we're blogging about cool places to visit, but we were trying to figure out what's driving urban growth because it's a real phenomenon," Brown said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
