2024 Winter Issue of Urban Land - 29

DIANE HOSKINS, LAURA HINES-PIERCE,
CLARENCE ANTHONY, VINCENT REINA
Post-Pandemic
Woes Provide
Opportunity for
Revitalizing Urban
Downtowns
PATRICK J. KIGER
Economic and workplacE upheaval
from the COVID-19 pandemic took a
heavy toll on urban centers, causing lasting
changes that present a major challenge to
the commercial real estate industry. But the
crisis also created an opportunity for aging
single-use business districts to reinvent
themselves as mixed-use neighborhoods,
according to panelists at ULI's Fall Meeting
in Los Angeles. The panel was moderated
by Diane Hoskins, ULI global chair and
co-CEO of global design firm Gensler.
In some ways, the pandemic accentuated
urban centers' existing weaknesses and
accelerated changes that already were
underway. " Cities were oversupplied with
office [space] before the pandemic, " said
Laura Hines-Pierce, co-CEO of global
real estate firm Hines, whose portfolio
includes almost $95 billion in assets under
management across 30 countries. " And
the shock of the last few years, between
the pandemic and interest rates rising, in
my mind, is creating a moment where that
oversupply has not been allowed to crack
naturally. "
As a result, cities face market shock,
in which 10 percent to 30 percent of
properties may undergo, in a short period,
" true obsolescence, " Hines-Pierce said.
That problem was exacerbated by the
ULI tours gave members a behind-the-scenes look at LA's top
developments, projects, and neighborhoods.
shift to remote work, which U.S. Census
data shows began before the pandemic
and was accelerated by pandemic
shutdowns. Even as companies reopen
offices and bring back workers, many
businesses are embracing the concept of
hybrid offices, with employees working
onsite only part of the time. " Hybrid is here
to stay, " Hines-Pierce said, adding that the
impacts of that shift for urban centers are
WINTER 202 4
URBAN LAND
29
2023 FALL MEETING
ULI/ALTIMIRA

2024 Winter Issue of Urban Land

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