Name: Thomas Walle: New York City Demographic Change
Uploaded: 2021-01-04T21:18:20.000Z
Description: Thomas Walle is the CEO of data firm <a href="https://www.unacast.com/">Unacast</a>. His firm works with human location data. Walle says there's a massive <a href="https://www.unacast.com/covid19/covid-19-migration-patterns-and-emerging-areas">migration</a> out of New York City, but there's also a massive migration into New York City.

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Thomas Walle is the CEO of data firm <a href="https://www.unacast.com/">Unacast</a>. His firm works with human location data. Walle says there's a massive <a href="https://www.unacast.com/covid19/covid-19-migration-patterns-and-emerging-areas">migration</a> out of New York City, but there's also a massive migration into New York City.

"The composition of the city has changed. And what I mean by that is, the people leaving New York City usually had an average income which is much, much higher than the average income of those moving into the city."

One area Walle looked at is Tribeca. It took the biggest hit out of all the neighborhoods they studied.

"The people that left Tribeca had average income of 140,000. People that moved into Tribeca had average income of 82,000. So this kind of drastically changes how Tribeca is being perceived as a neighborhood. And it's also going to change how real estate developers, multifamily developers, as well as retail are preparing and planning for the recovery."

So where are the wealthy going? Walle looked into that as well.

"The top states that people go to is still they are within New York state. That's the top one, roughly 28 percent. The second state that they move to is New Jersey, and the third state is actually Pennsylvania. And the fourth is Florida. Roughly 10 percent of people that left New York City went to Florida."

Walle says companies need to see where there's an uptick in economic activity and learn from what's going on there. As demographics change, demand changes as well.

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