Downtown Birmingham has bounced from the effects of the pandemic stronger than the national trend, according to a new report released by REV Birmingham.

Twice a year, the economic development and revitalization nonprofit releases a Downtown Birmingham Economic Vitality Report that takes a look at the downtown, including data points from the office, residential, retail and hospitality sectors.

5 takeaways from the report

First, let’s define Downtown Birmingham

From North to South, the borders are the Birmingham-Jefferson Convention Complex to the Five Points South. Meanwhile, I-65 and Red Mountain Expressway frame the east and west boundaries.

What’s inside this rectangle? UAB, Five Point South, Southtown, Mid-town, Parkside, Civil Rights District, Central Business District, the BJCC and much more.

Now onto some of the conclusions.

Here are 5 key takeaways from the Q3-Q4 2023 report,

How do we know that Magic City is beating national trends? The number of people visiting Downtown Birmingham daily is 95.8% of the pre-pandemic numbers. The national median is 81%. The report notes, that the south side of the railroad tracks is faring better than the northern part of downtown.
Downtown added 1,138 residential units in 2023
474 units are under construction, and 275 more units are proposed
Presently, 7,760 multifamily housing units exist downtown. That number is expected to rise to 8,509 when units in various stages of development come online.
Four buildings with less than 42% occupancy are dramatically decreasing downtown’s average office occupancy, which comes in at 77.6%

“Downtown Birmingham is evolving, as are downtowns across the nation. This collection of data demonstrates to us that continued mixed-use development will build the strongest future for downtown.”
~ David Fleming, President and CEO of REV Birmingham

Additional numbers from the Rev Birmingham Report

Folks always ask the following questions — How many people live and work downtown? How many shops and restaurants are there? Below are the latest 2023 numbers:

66K+ daily employee visits downtown
11K+ downtown residents
431 active retail locations
16 developments under construction

Who made the study possible?

REV’s data program is sponsored by Verizon.

Several groups contributed to the report including:

Retail Strategies
Dobbins Group
Shannon Waltchack
Graham & Co
J.H. Berry & Gilbert, Inc.
Harbert Realty
EGS/Cushman Wakefield
Colliers International
CBRE

What do you think of the numbers? Did they get it right? Read the report.

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