The Office Goes Urban
According to a report in The Wall Street Journal, office buildings in central metropolitan areas are on the upswing. Yes, even in Detroit. Many city office buildings have stopped losing tenants as companies vacate suburban office parks in favor of urban areas with ever-increasing amenities. While most office workers nationwide continue to work in suburban areas, which contain nearly twice as much office space as central business districts, many experts and development professionals believe a large shift is under way as the American workplace begins to move back to the city.
" 'Young people don't want to be out on the fringe...and as people are beginning to figure that out, it's beginning to get factored into office relocations,' said Christopher Leinberger, a real-estate developer and a visiting fellow at the Brookings Institution. 'It's a major structural trend that we in real estate are going to have to adjust to.' "