Is a City Location Worth It?
- Mar 16, 2018
This month, CPE and Kingsley Associates partnered to find out the pros and cons of urbanization for CRE.
“I like being centrally located downtown. There is easy access to most areas of the city and we are close to a variety of amenities, such as restaurants, gyms and sporting arenas.” —Indianapolis
“We need access to better or cheaper parking! I realize this is a logistical issue for many downtown office centers, but there needs to be a solutions for tenants who cannot take public transit every day.” —Wausau, Wisc.
“Downtown buildings should have better security. Every other major city has security systems that deter people from just entering the elevators at normal working times. It could be something as simple as a card reader system at the entry points.” —Minneapolis
“The biggest obstacle to renewal is the rising rent downtown. Having an office in the city’s most expensive space is a dubious distinction. If I stay, I will have to raise my rates to keep up with rent.” —Milwaukee
“The suburban location is great! Not being located downtown is a benefit for me. There are still food and restaurants close by, and we have nature tails and safe streets to walk.” —Leawood, Kan.
“Being in a populated and busy area, it would be nice to have better communications from property management regarding downtown events that present security concerns for our employees, such as public demonstrations, marches and parades.” —Seattle
“Getting out of the parking lot in the afternoon continues to be an issue. Exiting the garage averages between eight-25 minutes. Car and pedestrian traffic needs to be better directed in such a highly populated area.” —Seattle
“The center encourages shoppers to stay until 9 p.m. This puts customers and associates’ lives in danger walking around downtown with shopping bags after dark. We can assure the safety of our shoppers and tenants by closing earlier like the other centers around us.” —New Orleans
“Downtown costs versus suburban costs remain a constant discussion point within the firm. Suburban locations generally have accessible parking at no charge and the lack of rush hour traffic is a bonus. These discussions are affecting our future decisions on the lease renewals in the city.” —Milwaukee
“As a tenant, it’s a perk to be in a walkable, urban location with many amenities nearby and even within the same building.” —Washington, D.C.
“Signage is dictated by the city, which is not enough. That is no fault of the management as they have helped where and however they can.” —Mesa, Ariz.
“Some greenery would be nice, but being downtown on a major city block possibly prevents that.” —St. Louis
“We have a call center, but to run it, we have to provide parking passes because parking downtown is too expensive. Due to the company having to subsidize this cost, we are discussing housing this function elsewhere.” —Denver