Migration out of urban cores slowed in 2022
April 05, 2023
- Jacob Rowden
- New data released last week by the Census Bureau paints a brightening picture for demographic momentum in major urban cores in the United States, with the majority of large CBD markets experiencing an improvement in net migration rates in 2022 compared to 2021.
- Core cities generally saw the sharpest decline in population during the pandemic—even in metro areas like Dallas and South Florida that have seen demographic momentum strengthen since the pandemic, counties that contain the urban core have lost population—though much of this is aging or lower income individuals who are not participating in office-using labor pools.
- New York, Atlanta, and Charlotte, reflecting 566 million s.f. or almost one-third of CBD office inventory in the U.S., saw positive domestic migration into their core counties after losing population last year.
- Overall, 74% of national CBD inventory sits in markets that saw positive momentum in domestic migration in the past year, and the amount of CBD inventory in markets with positive domestic migration grew from 5% in 2021 to 37% last year.