The Death and Life of the Central Business District
Economic DevelopmentSummary
As the world begins its recovery from COVID-19, it is expected that central business districts (CBDs) will be undergoing a major transformation that rethinks their role in urban life, and approaches a "new normal". The pandemic times have made people realize that work can be done remotely from home. Reduced demand for office space could signify the need for these districts to evolve and adapt to workers’ changing needs. Taking advantage of its cluster of economic activities and talent, many are reimagining these areas to be “Central Social Districts”. The new CSDs will still serve the purposes of CBDs but offer more flexibility. Work is not constrained in office cubicles. CSDs aim to provide more spacey, co-working spaces that encourage collaboration with others, where “a day at the office will be spent less in a single building and become more like a localized business trip”. Various studies have shown that the shift towards a more mixed-use, live-work downtown was happening years before the pandemic struck. The higher amenities of CBD neighbourhoods are often keys to attracting new talents. It is through the density of talents that these places offer that innovation and startups thrive.