A recently updated study out of the University of California, Berkeley's Institute of Governmental Studies has some bad news for CRE property owners in traditional downtown areas: pandemic recoveries are taking a longer time than those of other areas in cities. And the future without some significant changes isn't looking favorable.
Using mobile phone data rather than the more traditional ones of office vacancy rates, public transportation ridership, and retail spending, the researchers looked at visits to 62 downtown areas in the largest cities in the U.S. and Canada.
"We find wide variation in the extent of recovery, with activity ranging from a low of 31% of pre-pandemic levels in San Francisco to a high of 135% in Salt Lake City," the researchers wrote.
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