C&W has partnered with Smart Growth America to release a large-scale study on the characteristics, motives and preferences of companies that have relocated, opened new offices or expanded in walkable downtowns.
Released today, "Core Values: Why American Companies are Moving Downtown" leverages C&W's proprietary market data to identify nearly 500 companies that have made such a move in the past five years. Of those, Smart Growth America interviewed senior-level representatives from over 40 organizations to gain a better understanding of this emerging trend.
“The findings reveal an enormous diversity of businesses choosing to locate downtown,” said C&W's Paula Munger, director of business line research. “And the migration is happening across the country, in big cities and small CBDs, and in secondary markets within larger metropolitan areas from coast to coast.”
The study, also supported by the Center for Real Estate and Urban Analysis at the George Washington University School of Business, drills down to examine what kinds of companies have moved to or made new investments in downtowns, and asks those businesses what motivated them and what they looked for in their decision-making. The interviews revealed six common themes explaining why companies chose to locate downtown, including attracting and retaining talented workers, building brand identity and company culture, supporting creative collaboration, gaining proximity to customers and business partners, centralizing operations, and supporting triple-bottom line business outcomes.
YouTube video: https://youtu.be/2IhTCB1RLhQ?t=41m