A recent report on emerging real estate trends in the United States and Canada, by the Urban Land Institute (ULI) and professional services firm PricewaterhouseCoopers, says “18-hour” cities are becoming magnets for investors.
There is now the rise of such smaller cities or second-tier cities that have evolved into vibrant places to live, work and play by offering a mix of housing as well as retail, dining, office and public spaces.
In addition, these 18-hour cities, which are lively most of the day and night, are embracing alternatives to driving with bicycle lanes, pedestrian walkways and transit systems.
They are also attracting growing numbers of millennials and baby boomers who are flocking to walkable environments and smaller cities that are full of activities past the traditional 9-to-5 workday.
Investors looking to follow these trends are seeking markets outside of the 24-hour gateway cities such as New York, Boston, Chicago, Los Angeles, San Francisco and the District of Columbia.
According to ULI, Kansas City exemplifies the rise of the 18-hour city. What’s happening there is happening in many smaller cities across the US.
These cities are fun and dynamic, and they are competing with larger global cities for talented workers and new businesses.
Besides Kansas City, innovations are also taking place in other smaller cities such as Austin, Pittsburg, Detroit and New Orleans.