The hollowing out of U.S. cities’ office and commercial cores is a national trend with serious consequences for millions of Americans. As more people have stayed home following the COVID-19 pandemic, foot traffic has fallen. Major retail chains are closing stores, and even prestigious properties are having a hard time retaining tenants.
A recent study from the University of Toronto found that across North America, downtowns are recovering from the pandemic more slowly than other urban areas and that “older, denser downtowns reliant on professional or tech workers and located within large metros” are struggling the hardest.
The hollowing out of U.S. cities’ office and commercial cores is a national trend with serious consequences for millions of Americans. As more people have stayed home following the COVID-19 pandemic, foot traffic has fallen. Major retail chains are closing stores, and even prestigious properties are having a hard time retaining tenants.
A recent study from the University of Toronto found that across North America, downtowns are recovering from the pandemic more slowly than other urban areas and that “older, denser downtowns reliant on professional or tech workers and located within large metros” are struggling the hardest.
Like many U.S. cities, Portland, Oregon, is losing downtown businesses. This is cutting into urban revenues and creating a perception of decline.
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