The national average rent in transit-accessible office buildings was 65% higher than the average market rent in early 2018, according to a new report from real estate firm Transwestern. The examination of 15 major metros shows average rent in Central Business Districts was $43.48/sf (triple net) for transit-accessible buildings, versus $26.01/sf for car-dependent buildings.
Transit-accessible office space was also at a premium in the suburbs, with an average rent of $33.43/sf being nearly 50% higher than rent in car-dependent buildings.
Source: Transwestern
In the analysis, transit-accessible buildings are defined as those within a 10-minute walk from a subway, commuter rail, or light rail facility. Based on the combined statistical areas (CSAs) in the set, approximately 39% of total office inventory is categorized as transit-accessible, while the remainder is car-dependent.
Nationally, the CSAs of Denver, New York/New Jersey, Washington, D.C., and the San Francisco Bay Area are rated the highest on the transit-accessibility scale, with approximately half of the office market’s inventory qualifying as transit-accessible. View an interactive map of the top CSAs.
“As workplace amenities have become increasingly important to companies in attracting and retaining talent, tenants are most certainly keeping accessibility to mass transit on their radar when surveying office product,” said Brian Landes, Director of GIS/Location Intelligence for Transwestern. “Not surprisingly, vacancy for transit-accessible buildings is lower than overall vacancy, which makes these buildings extremely attractive to commercial real estate investors.”
Source: Transwestern
Source: Transwestern
Related Stories
| Aug 11, 2010
Oregon office building earns highest green globes rating
Columbia Square, a 313,000 square foot office building and flagship property in the Melvin Mark Companies real estate portfolio, has been awarded 4 Globes by the Green Building Initiative (GBI) for achievements in green design and sustainable operations. The building was rated under the Green Globes environmental design and assessment tool and the 4 Globes designation is the highest possible rating.
| Aug 11, 2010
Turner Building Cost Index dips nearly 4% in second quarter 2009
Turner Construction Company announced that the second quarter 2009 Turner Building Cost Index, which measures nonresidential building construction costs in the U.S., has decreased 3.35% from the first quarter 2009 and is 8.92% lower than its peak in the second quarter of 2008. The Turner Building Cost Index number for second quarter 2009 is 837.
| Aug 11, 2010
Turner, Structure Tone top BD+C's ranking of the 50 largest office contractors
A ranking of the Top 50 Office Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
AGC unveils comprehensive plan to revive the construction industry
The Associated General Contractors of America unveiled a new plan today designed to revive the nation’s construction industry. The plan, “Build Now for the Future: A Blueprint for Economic Growth,” is designed to reverse predictions that construction activity will continue to shrink through 2010, crippling broader economic growth.
| Aug 11, 2010
PCL Construction, HITT Contracting among nation's largest commercial building contractors, according to BD+C's Giants 300 report
A ranking of the Top 50 Commercial Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Webcor, Hunt Construction lead the way in mixed-use construction, according to BD+C's Giants 300 report
A ranking of the Top 30 Mixed-Use Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
NBBJ selected to design Russell Investments’ Seattle headquarters
NBBJ has been hired by Russell Investments as the architectural firm to design the interior space of its new global headquarters at 1301 2nd Avenue, a building also designed by NBBJ.
| Aug 11, 2010
Report: Fraud levels fall for construction industry, but companies still losing $6.4 million on average
The global construction, engineering and infrastructure industry saw a significant decline in fraud activity with companies losing an average of $6.4 million over the last three years, according to the latest edition of the Kroll Annual Global Fraud Report, released today at the Association of Corporate Counsel’s 2009 Annual Meeting in Boston. This new figure represents less than half of last year’s amount of $14.2 million.
| Aug 11, 2010
AAMA developing product-based green certification program for fenestration
The American Architectural Manufacturers Association is working on a product-based green certification program for residential and commercial fenestration, the organization announced today. AAMA will use the results of a recent green building survey to help shape the program. Among the survey's findings: 77% of respondents reported a green certification program for fenestration would benefit the product selection process for their company.
