Birmingham Sees Growth and Vitality in Downtown Living and Working
Birmingham, Ala. – Recent findings from REV Birmingham’s latest Q1-Q2 Economic Vitality Report reveal some encouraging signs for those interested in living and working in downtown Birmingham. This report serves as a guiding tool for both current and potential residents, highlighting the vitality and value of the downtown area.
Employee Presence on the Rise
According to Jackson Dean, the Research and Data Manager at REV, downtown Birmingham is experiencing a resurgence in its employee presence, especially as the effects of the pandemic start to wane. An impressive 67,000 individuals are now heading to downtown Birmingham for work each day. This revitalization has been bolstered by important purchases of vacant office buildings. In particular, the UAB Medical Building has acquired the Daniel Building, while local entrepreneur Alexander Shunnarah has purchased the Kemper Building.
Long-Term Stability Through Ownership
Dean observes that having owner-operated buildings instead of leased properties suggests a meaningful commitment from these companies. This trend is set to positively impact the Northside area, as these individuals will be frequenting local businesses and dining establishments. “Northside specifically is really going to improve, because those are people who are going to lunch, going to use all the services and businesses in that area,” Dean explained. Additionally, he notes that owner-occupied buildings typically provide more long-term stability.
Housing Developments in 2023
Turning to housing, the report highlights that downtown Birmingham welcomed more than 1,000 new apartments in 2023. Nevertheless, the momentum may shift in 2024, as the demand for housing starts to catch up to the supply. Dean indicated that while there aren’t many residential projects currently in the pipeline, the potential for new housing remains promising. He expects employers in the region to play a significant role in driving future demand.
Aiming for Balance in the Rental Market
“We want to see a healthy balance where we see a strong market that has high occupancy rates, where we’re getting the rents to be justified building, but not rents that then make it unaffordable to live in Birmingham,” Dean emphasized. This careful balance will be crucial as Birmingham moves ahead, ensuring that living downtown remains within reach for its residents.
Popular Landmarks in Downtown
The report also sheds light on some of the most visited landmarks in the area such as the BJCC, City Walk, and Protective Stadium. Dean proudly proclaimed, “Downtown Birmingham is the most vibrant downtown in the state of Alabama. We want to see it be up there with any downtown in the country.” These attractions play a significant role in adding to the charm and allure of downtown living.
Grocery Store Needs
Despite these positive trends, there remains a concern regarding grocery options for those living downtown. Data suggests that many residents are having to leave the area to do their grocery shopping. Dean is hopeful for public support in securing an additional grocery store similar to the Publix located on 3rd Avenue, which would meet the needs of the growing population.
Final Thoughts
The findings from REV Birmingham’s Economic Vitality Report shine a light on the potential and ongoing changes in downtown Birmingham. As businesses return and new residents arrive, the city is poised for a vibrant future, one that may soon reflect its ambitions on a national scale. With a healthy balance in housing and the continued investment from both companies and local stakeholders, downtown Birmingham is certainly on the right path.
