Commercial real estate crisis: Downtowns are dead, dying or on life support, says urban policy expert
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.
The shuttering of a Whole Foods market after only a year in downtown San Francisco in May 2023 received widespread coverage. Even more telling was the high-end department store Nordstrom’s decision to close its flagship store there in August after a 35-year run.
A recent study from the University of Toronto found that across North America, downtowns are recovering from the pandemic more slowly than