Jun 16

How Much Will Buyers Pay for Walk-able Space?

How Much Will Buyers Pay for Walkable Space?

How Much Will Buyers Pay for Walkable Space?

How Much Will Buyers Pay for Walk-able Space?

Urban development that boasts high density and walk-ability is in demand over life in the suburbs, according to a report by the Center for Real Estate and Urban Analysis at George Washington University School of Business and LOCUS: Responsible Real Estate Developers and Investors. In fact, such places are gaining market share against suburban areas for the first time in decades.

The report defines walk-able urban areas as those with high density, more mixed-use real estate, and multiple transportation options. The report found that these areas command drastically larger rent premiums over suburban spaces, with the ability to charge 90 percent more for office space, 71 percent for retail, and 66 percent for multifamily rentals.

But just because a place might lack a history of density and walk-ability doesn’t mean it’s stuck with lower rents. The study found that new development can help, with areas known for sprawl taking notice of the trend and making strides in adding more density and walk-ability. Researchers specifically call out Detroit, Los Angeles, and Phoenix for recent efforts to meet the growing demand for this type of space.

Source: “Walkable Cities Gaining Ground Against Suburbs, Says Report,” Curbed.com (June 14, 2016)

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