According to an August 2022 report issued by Brookings, domestic out-migration had a significant demographic impact on large metropolitan areas during the peak of the COVID-19 pandemic. The Census estimates from July 1, 2020 to July 1, 2021 revealed an absolute decline in the aggregate size of major metropolitan areas across America. Meanwhile, smaller metro areas experienced higher population growth.
A recently released CBRE report titled “U.S Sun Belt Markets Experienced Boost in In-Migration” found that high cost major markets did experience some outflow of talent during the pandemic; however overall diminution was minimal over three years ending February 2023 with net workforce decrease at -0.6% for Metro New York and -0 0 .2 % for Washington D .C., Los Angeles , Boston and Chicago while San Francisco saw a slight drop at – 0 .9%. On other hand Sun Belt markets such as Austin , Nashville , Tampa Charlotte & Raleigh witnessed 4 .1%, 2 .6%, 2 6 % & 2 3 % increase respectively in their total workforce due to influx migration from other parts of US
The CBRE report cautioned against generalizing migration patterns as it is linked with specific skill sets rather than en masse movement while Related ISG President Tomas Sulichin noted South Florida experienced highest number of new residents compared to other states especially Palm Beach & Brickell area where finance sector followed closely by tech industry has seen many companies migrate there since start off pandemic period
Economics along with lifestyle considerations largely drive talent migrations according to reports which can vary based on age group where younger professionals prefer larger cities whereas career professionals focus more towards family friendly suburbs when deciding about moving locations Partner Valuation Advisors’ Senior Managing Director Eric Enloe also agreed upon this assessment adding city’s appeal plays important role when considering relocation factors like entertainment options available housing stock accessibility etc are taken into consideration before making decision
Office landlords should understand market wise case study instead relying solely upon aggregate population numbers suggested CBRE Report while both Sulichin & Enloe advised owners investing into buildings’ amenities packages will help them retain tenants even if they decide take less space after lease renewal
