1 . Twenty years ago, the Urban Land Institute defined the two types of cities that dominated the US landscape: smaller cities that operated around standard 9-5 business hours and large metropolitan areas that ran all 24 hours of the day.
In recent years, many mid-sized cities have begun to adopt a middle-of-the-road approach incorporating the excitement and opportunity of large cities with small cities’ quiet after midnight.
18-hour cities combine the best of 24-hour and 9-5 cities, which contributes to downtown revitalization. For decades, many downtown cores in small to mid-sized cities were abandoned after work hours by workers who lived in the suburbs.
Transforming downtown areas so that they incorporate modern housing and improved walkability to local restaurants, retail, and entertainment — especially when combined with improved infrastructure for cyclists and public transit — makes them appeal to a more affluent demographic.
These 18-hour cities are rapidly on the rise and offer great opportunities for homeowner investment. In many of these cities such as Denver, a diverse and vigorous economy attracted to the urban core has offered stable employment for residents.
A.Because of their smaller size, most keep hours that allow people to enjoy themselves, then have some quiet after midnight. |
B.These 18-hour cities are beginning to make waves in real estate rankings and attract more real estate investment. |
C.Analyzing and comparing cities using the lens of this basic divide gives interesting context to how investment capital flows and housing prices have shifted. |
D.These adjustments encourage employers in the knowledge and talent industries to keep their offices downtown. |
E.The right urban mix has propped up home occupancy, increased property values, and attracted significant investment capital. |
F.Movement out of city centers was widespread, and downtown tenants were predominantly made up of the working poor. |