Pass the SALT? – The Property Chronicle
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Pass the SALT? Why the Republican tax plan won't be a problem for cities looking to attract top talent

Head Of Research

US dollars on a wooden table

I am a big infrastructure guy. Everywhere I go, I tell local investors that their city’s growth potential is limited unless it has good transportation infrastructure (roads, airports and mass transit). Based on my experience, ‘old school’ cities like New York, Washington DC, Chicago and Boston score very high for transportation infrastructure. While Chicago’s subway system may look old, it would cost about $500 billion to replace. That’s a lot of valuable infrastructure that gives Chicago a long-term competitive advantage!

This is not so for ‘new school’ hip, young, up-and-coming cities like Nashville, Austin and Raleigh-Durham. But despite their inferior transportation infrastructure, these cities are growing like gangbusters with no end in sight. Seattle has grown so quickly that it is the only market I’ve seen in my career move up from secondary to primary status. These cities have grown despite their relatively weak infrastructure because they have deep pools of home-grown talent from top-tier local universities and live-work-play attributes that make them hotbeds for in-migration of highly skilled young professionals. Based on these observations, it’s easy to conclude that a lack of adequate transportation infrastructure does not prevent a city from attracting top talent.

Head Of Research

About Spencer Levy

Spencer Levy

Spencer Levy is Americas Head of Research and Senior Economic Advisor for CBRE. In this role, Spencer is part of the global team setting Research strategy for the company, leads a team of more than 350 professionals in the Americas, and is the chief spokesperson for CBRE in the Americas on economic issues. He is a regular speaker on national television, including CNBC, Fox Business & Bloomberg, as well as being an actively quoted economist in the print media. Spencer is a 22-year veteran of the commercial real estate industry as a lawyer, investment banker, capital markets leader and researcher. He is a graduate of Cornell University and Harvard Law School.

Articles by Spencer Levy

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