Vibrant Centers: Characteristics, Types, Performance, and Importance in Larger U.S. Metro Markets

摘要

Vibrant centers are dense, diverse, connected, active, and walkable live-work-play places with distinguishing socio-demographic, economic, and physical characteristics. The largest ones are the primary or secondary downtowns of larger metro areas, but centers that have attained critical mass are also found in suburban towns and suburban mixed-use redevelopment. Office properties in urban and suburban vibrant centers tend to have higher rents, lower cap rates, and greater transaction volumes than offices in less vibrant areas. In addition to better real estate performance, vibrant centers support local economic development and provide impressive social benefits.