REV Birmingham releases Downtown Economic Vitality Report

BIRMINGHAM, Ala. (WBRC) - REV Birmingham recently released its Q1-Q2 Economic Vitality Report. The report aims to help people looking to work and live in downtown Birmingham by showing the value of downtown.

Jackson Dean is the Research and Data Manager at REV. He said the employee presence downtown is growing back after the pandemic. More than 67,000 people are going downtown for work every day.

Some of that is credited to the purchase of two major vacant office buildings. UAB Medical Building has purchased the Daniel Building, and Alexander Shunnarah purchased the Kemper Building. Dean said since they are owner-operated and not leased, it’s a sign that the companies will stick around.

“Northside specifically is really going to improve, because those are people who are going to lunch, going to use all the services and businesses in that area. We find that the owner-occupied buildings are probably more stable long-term as well,” said Dean.

When it comes to housing, downtown Birmingham saw more than 1,000 new apartments added in 2023. In 2024, the demand for housing is catching up to the supply with fewer residential projects in the works.

Dean said that doesn’t mean we won’t see new housing, but anticipates employers driving demand in the future.

“We want to see a healthy balance where we see a strong market that has high occupancy rates, where we’re getting the rents to be justified building, but not rents that then make it unaffordable to live in Birmingham," said Dean.

The report also lists some of the most visited landmarks, including the BJCC, City Walk, and Protective Stadium.

“Downtown Birmingham is the most vibrant downtown in the state of Alabama. We want to see it be up there with any downtown in the country,” said Dean.

Another key takeaway was the amount of grocery stores downtown. Data shows most people living downtown are leaving to do their shopping. Dean is hoping for public support for an additional grocery store similar to the Publix on 3rd Avenue.

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