The U.S. Census Bureau recently released a report disclosing that in many of the largest cities of the most-populous metro areas, Downtown is becoming a place not only to work but also to live. Between the 2000 and 2010 censuses, metro areas with 5 million or more people experienced double-digit population growth rates within their downtown areas (within a two-mile radius of their largest city’s city hall), more than double the rate of these areas overall.
What could this mean for Jacksonville? At the end of 2011, the occupancy rate for rental units in the Downtown Jacksonville core was at 91 percent, the highest since 2004. The inventory of Downtown buildings available for renovation as residential units is ripe. As Downtown Vision and our partners work together to bring more retail, restaurants, parking, and businesses to Downtown, we hope the infusion of vibrancy and activities will continue to increase our residential space and occupants.
The full U.S. Census report can be found here: http://www.census.gov/newsroom/releases/archives/2010_census/cb12-181.html