• Fri. Jun 21st, 2024

New York Had More People Moving in Than Moving Out Last Year, JLL Study Finds

Bynewsmagzines

Apr 6, 2023
New York brought in more residents than losing them last year, according to a JLL study. (Getty Images)

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New York is finally letting go of an unwelcome distinction fueled by the pandemic: It managed to bring in more people domestically than it lost last year.

Net domestic migration in New York posted a 0.2% increase in 2022 following a 6.2% decrease in 2021, according to a JLL study of U.S. Census Bureau data. New York isn’t the only city seeing a reversal of residents leaving, with Atlanta posting a 0.3% increase in net domestic migration last year after a 1.1% drop in 2021, JLL data shows. Charlotte, North Carolina, meanwhile, posted a 0.3% gain following a 0.1% dip.

The data “paints a brightening picture for demographic momentum in major urban cores in the United States, with the majority of large central business district, or CBD, markets experiencing an improvement in net migration rates in 2022 compared to 2021,” JLL said.

New York, Atlanta, and Charlotte together represent 566 million square feet, or almost one-third of downtown office inventory, in the United States, JLL said.

Overall, 74% of national downtown office space supply sits in markets that saw what JLL described as “positive momentum” in domestic migration in the past year.

Migration growth in general is a positive indicator for consumer spending in establishments including retail shops and restaurants and a sign of more people returning to the office after moving elsewhere during the pandemic, studies have shown.

However, despite the improvements, many other cities haven’t been able to stem the declines with some witnessing even more people moving out.

Boston, for instance, saw a 2.4% decline in net domestic migration last year following a 3.5% drop in 2021, according to the JLL study. San Jose, California, posted a 2.3% drop following a 3% decline. Los Angeles posted a 1.5% drop after a 2% decline.

Philadelphia, on the other hand, fared even worse, losing 2.1% net domestic population after a 1.1% drop in 2021.

Other cities that also saw out migration picking up include Chicago, Baltimore and Portland, Oregon, according to JLL.

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