flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Transwestern report: Office buildings near transit earn 65% higher lease rates

Office Buildings

Transwestern report: Office buildings near transit earn 65% higher lease rates

Analysis of 15 major metros shows the average rent in central business districts was $43.48/sf for transit-accessible buildings versus $26.01/sf for car-dependent buildings.


By Transwestern | July 17, 2018
Transwestern report: Office buildings near transit earn 65% higher lease rates

Photo: Pixabay

   

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

Office Buildings | Jul 29, 2015

Design plans for Fannie Mae’s new HQ revealed

The developer/owner, Carr Properties, envisions a 1-million-sf plus mixed-use center with a large retail pavilion.

Contractors | Jul 29, 2015

Consensus Construction Forecast: Double-digit growth expected for commercial sector in 2015, 2016

Despite the adverse weather conditions that curtailed design and construction activity in the first quarter of the year, the overall construction market has performed extremely well to date, according to AIA's latest Consensus Construction Forecast.

Office Buildings | Jul 23, 2015

Office bust hits suburban Washington D.C.: metro area awash in vacant office buildings

Most of the building and buying is happening within the city’s limits.

Office Buildings | Jul 21, 2015

Finally! There's a workplace trend that’s worth embracing

There’s a realization by corporate real estate executives that in order to create a successful workplace, there must be alignment between their people, their place, and the tools they have to do their jobs.

High-rise Construction | Jul 20, 2015

Morphosis' Casablanca Finance City tower to be topped with crown-shaped pinnacle

The tower will anchor a new business district being planned, similar to the glass and concrete business La Défense section at the outskirts of Paris.

Office Buildings | Jul 15, 2015

BIG’s design for Philadelphia Navy Yard defies gravity

Ground has broken for 1200 Interpid, a 94,000-sf office building designed by BIG that appears to be leaning.

High-rise Construction | Jul 13, 2015

Herzog & de Meuron’s triangle tower stirs controversy in Paris

The 590-foot glass pyramid building will include a 120-room hotel, 754,000 sf of office space, and cultural facilities.

High-rise Construction | Jul 7, 2015

Bjarke Ingels designs Frankfurt skyscraper with a surprise in the middle

Several levels in the center of the 185-meter tower are shifted outward to allow for terraces with city views.

Office Buildings | Jun 30, 2015

'What’s the latest trend in workplace design?': How architects and designers should answer this hot-button question

Hint: Your response must be better than a laundry list of solutions, according to VOA Associates' John Varholak.

Museums | Jun 28, 2015

Manhattan's New Museum debuts first museum-led incubator space

Part studio, part shared workplace, part lab, and part professional development program, NEW INC connects design with technology, the arts with the market, students with seasoned practitioners, and the museum with the world.

boombox1
boombox2
native1

More In Category

Adaptive Reuse

Detroit’s Michigan Central Station, centerpiece of innovation hub, opens

The recently opened Michigan Central Station in Detroit is the centerpiece of a 30-acre technology and cultural hub that will include development of urban transportation solutions. The six-year adaptive reuse project of the 640,000 sf historic station, created by the same architect as New York’s Grand Central Station, is the latest sign of a reinvigorating Detroit.




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021