Introduction
As the saying goes,three things matter in real estate:location,location,location.Cities and metropolitanareas are built around assets such as transportationnodes,employment hubs,cultural attractions,politicaland religious institutions,and health facilties-all ofwhich tend to cluster in specific locations.The abilty todevelop the places that concentrate these assets hasalways been a key ingredient to building productive andthriving metro areas.
But after decades of suburbanization,activity does notconcentrate in the same ways it once did.Metropolitanareas are no longer structured along a linear
continuum,fanning outward from a distinct downtownto edgeless suburbia to rural countryside dotted with afew town centers.They instead contain constellationsof asset-rich places,typically surrounded by housing-only developments or a mix of residential andcommercial sprawl.’This long-standing concept of metropolitan geographyas a line from a singular urban center to suburbs tofarms-and conceiving of the suburbs as exclusivelyresidential places-is no longer accurate in the ageof American megaregions.Over time,the dispersionof assets and activities has stretched the distancesbetween people and opportunity,often leading to
greater economic and racial inequality.2 More recently,the emergence of rapid telecommunications and aglobal pandemic have led to new uncertainties aboutwhat kinds of places will be in demand in the future.
At a time when economic and climate-related
disruptions seem to come ever more frequently,it iseasy to lose track of the fact that the built environmentchanges quite slowly.As such,industrial,cultural,and environmental shifts in the decades to come willprimarily occur within existing places and alongsidethe infrastructure we’ve already created.But,as in
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