Defining 24-Hour and 18-Hour Cities, Assessing Their Vibrancy, and Evaluating Their Property Performance

Executive Summary. Indicators originally used to define 24-hour cities are updated to redefine 24-hour cities in the United States. From the sample of 42 large cities, we identify six 24-hour cities and nine 18-hour cities. The six 24-hour cities (Tier I), nine 18-hour cities (Tier II), and 27 9-to-5 cities (Tier III) are compared. For office properties, investment performance indicators correspond in rank order to Tiers I–III. For apartments, however, the results are less consistent. Dislocations in housing markets over the past decade have prompted a notable investor preference for multifamily investment in Tier II and Tier III markets during the recovery from the Global Financial Crisis.