According to Google mobility data, London and New York have seen a dramatic drop in restaurant and store visits since the start of the pandemic. Visits to central Paris fell 40% in the week of October 9, compared to the January average, and even Stockholm suffered a 20% drop. In the city of London, the number of people visiting cafes, restaurants or retailers was less than a third of pre-pandemic levels. However, London’s visit to entertainment venues accounted for just over 70% of.
FT analysis of Google mobility data for city centers and other areas of advanced economies and large developing countries. In Manhattan, the number of visits to facilities was less than half of pre-pandemic levels, compared to 85% for the national average. The footprint in most cities and countries has recovered from the low points of the blockade, but the trend is reversing in some countries, with infections starting to rise again in the fall. With a vaccine not yet approved, many experts say some changes will start to become permanent. From google
Schack Institute of Real Estate, University of Toronto professor Richard Florida, warned that the Covid-19 pandemic will not only reshape cities but affect suburbs and rural areas. He added that working from home reduced the need for large towers with offices and knowledge workers, allowing companies to consider smaller units or cheaper locations. Notably, nearly twice as many employees working at home than in the office are employed.
About three-quarters of UK companies say they will do so after the coronavirus is suppressed, according to a study by the Institute of Directors. About 60% of office space was moved from urban areas to the suburbs, while 50% indicated that the office footprint would be reduced by 10% over the next two years. Meanwhile, global commercial real estate prices fell 6% in the third quarter compared to the same period last year. Notably, nearly 40% of employees now work remotely across Europe.
Leased office space fell 59% in London, 66% in New York, and 77% in Tokyo in the second quarter of this year, compared to the same period in 2019. Demand for offices, stores and hotels, and even urban multi-family housing may never return to pre-crisis levels, experts say. Urban centers “will no longer be the place of aspiration they were,” said a colleague. With the impact of Covid-19, the role of cities “will be reduced”. Young people will still hurry
And suburban areas. “People who would have stayed in cities until 35 years old would leave at 30,” explains Thomas Campanella, associate professor of urban studies and town planning. Meanwhile, Melbourne is working on defining a hybrid system that combines remote work and continuous use of physical space, he added. In particular, Paris defends the concept of a city within 15 minutes, where residential spaces are within walking distance of works and amenities. Other cities are also gearing up for major changes, such as new flexible workplaces. But the people
And more digital, said Edward Glaeser of India. He added that the trend towards suburbanization seen in OECD countries before the pandemic may now “accelerate”. In addition, Paris, Montreal and London have already taken steps to include additional cycle paths. Notably, there have been investments in smart and green cities in China and India. However, Mr. Florida envisions future cities with offices converted to affordable housing. The debate over riots and the police will be persistent for many years, she added.
Additionally, falling prices for commercial and residential properties can make cities more alive, with younger and disorganized businesses more willing to return and older ones to relocate as young people move out. it may end up being the spark for your renewal. Notably, older people tend to want to have human interaction, rather than the start of their decline.