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A presenta*on of research done in collabora*on with
Downtown Phoenix Partnership By
New Venture Group Arizona State University
Who is downtown now
Why � What do they like � What would they like improved
ADrac*ng new residents � Past � Future
Background
$1.8B
$794M
$429M
$728M $611M
$287M
$-‐
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000 Annual Economic Impact (in Millions)
SeaDle San Diego Indianapolis Denver Portland Phoenix
Downtown Phoenix: � Lowest propor*on of workforce in white-‐collar jobs � Highest propor*on of workers in basic-‐services and blue-‐collar jobs
Downtown Phoenix industries � Professional / technical / scien*fic � Hospitality industry � Service industries (financial, other)
Professional, ScienCfic, and Technical Services
29%
AccommodaCon and Food Services
10%
Healthcare and Social Assitance
10%
Other Services
9% Finance and Insurance 8%
Wholesale Trade 6%
AdministraCve and Support 5%
Retail Trade 4%
Real Estate 4%
InformaCon 4% Other
11%
Major Industries in Downtown Phoenix
Company Surveys
Interviewed 32 companies in various industries
0
2
4
6
8
10
12
14
Num
ber o
f Com
panies
Years in Opera*on
DuraCon of Downtown LocaCon
<1 2 to 8 8 to 12 12+
In the last decade, two largest groups: � One and done � Long-‐term
What’s missing? � A tenancy “ladder”
First: On-‐going development / investment
Second: Central loca*on
Third: Part of cultural and spor*ng events
Biggest asset: Light rail
Biggest need: Parking & transporta*on
Board of Director Interviews
2.2
2.2
2.3
2.7
2.8
3
3.1
4.4
4.4
0 1 2 3 4 5
Importance of Assets
Cityscape/”Vision for Downtown”
Perceived Cache of Area/Building
Light Rail
Rental Rates
Accessibility of Public Transporta*on
Availability of Employees
Loca*on of Customers/Clients
Athle*c Stadiums
ASU Downtown Campus
They believe in the downtown vision
They believe in an urban culture
Voices from the Boardroom � “We believe in downtown.”
� “Our lease recently came up, but we didn’t consider any loca;ons outside of downtown.”
� “Every city needs a heartbeat.”
� “The downtown core is important in a city.”
“Game changers” � Public transporta*on � Ameni*es (residents & companies) � An educated workforce � People
Press release survey
State and local incen*ves � Tax incen*ves (energy, income, start-‐ups)
Proximity to cri*cal loca*ons � Airport, ASU research, I-‐10
Important local resources � Workforce, land for warehouses/mhrg, solar resources
The reasons may not be the same
What draws companies? � “Hard” economic aDributes:
Tax incen*ves, loca*on, local resources
What keeps companies? � “Soh” cultural aDributes:
Cultural vibrancy, ac*vity, a “heartbeat,” ameni*es and people
BeDer metrics � ADrac*ng
Rela*ve importance of “hard” aDributes
� Keeping Rela*ve importance of “soh” aDributes
Priori*zing talking points � For aDrac*ng new companies � For growing resident companies, aDrac*ng employees
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