What I’m Reading: Downtowns Booming

Photo by simon.carr

There is a lot of great stuff being written every day.  I can’t blog about it all. But I do want to highlight some themes that emerged from this week and then provide a brief summary below. This week’s theme:

Downtowns

Downtowns rental markets are growing in the US. The IndyStar and Pittsburgh Post Gazette both wrote this week about the high demand in rental construction:

In Indianapolis:

“The reality is….. we’ve never seen (so much new development) concentrated in a small market like Downtown before. Never had this many units at once,” said George Tikijian of Tikijian Associates apartment brokerage. “But Downtown is very popular. I do think they will be absorbed.”

In Pittsburgh:

“From working with developers and folks from the Urban Redevelopment Authority, there’s a clear demand and need for more housing Downtown,” he said.
“At this point, we can’t build it fast enough.”

Meanwhile here in Toronto, the Star is doing a great series focused on Density and Toronto. Toronto is coming to the end of an intense decade long condominium boom, yet the applications for taller new building keep on coming. In the last month three 80-85 storey and two 70 storey condominium towers were announced. The Star investigates the causes and discovers:

“It’s a trend fuelled in part by large swaths of the population wanting to live downtown.
‘People are willing to pay for luxury apartments in the urban centre in a way they weren’t a few years ago,'” .

Personally, I fear it is connected to Barclays Skyscarper Index study which showed “an unhealthy correlation between construction of the next world’s tallest building and an impending financial crisis: New York 1930; Chicago 1974; Kuala Lumpur 1997 and Dubai 2010.” But the Star did not take that line of investigation.

Back to the theme, having more people moving downtown is great, whether its here in Toronto or in Pittsburgh.  However, there are challenges in creating a high quality of life for downtown residents. Luckily the Initiative for a Competitive Inner City posted an excellent interview with Jeff Speck, author of the Walkable City, who highlights the economic, health, and environmental benefits for residents by creating walkable downtowns.  A great article, please do read it.

To summarize, downtown living is popular, but effort is required to ensure that with growth there must also be an improvement in quality of life.

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