Research says walkable urban places command a rent premium, increase equity—and are poised for more growth.
For the last six or seven decades, the United States has seen rapid growth in the suburbs, a huge shift from the boom in walkable urban places that took place in the ‘20s. But now, a new report suggests the recent trend toward urban development, density and downtown living may suggest “another structural shift is taking place,” with walkable urban development making a comeback, and signs of pent-up demand suggesting there much more to come.
Foot Traffic Ahead, conducted by the Center for Real Estate and Urban Analysis at George Washington University School of Business in conjunction with LOCUS: Responsible Real Estate Developers and Investors, shows that walkable urban places—defined as spaces with higher density, more mixed-use real estate, and multiple transportation options—are growing in all the 30 largest metro areas in the United States, gaining market share against suburban competition for the first time in decades, and commanding substantially higher rent premiums. Walkable urban spaces can charge a premium: 90 percent higher for office space, 71 percent for retail, and 66 percent for multifamily rental.
Read the Full Story HERE >>>> Source: Walkable Cities Gaining Ground Against Suburbs, Says Report – Curbed