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
| Sep 4, 2013
Twenty-nine-acre brick building complex in Watertown, Mass., to be renovated as innovation hub
The owner of a 29-acre cluster of brick buildings in Watertown, Mass., wants to reinvent the site as a 21st-century innovation hub.
| Sep 3, 2013
Delinquency rate for commercial real estate loans at lowest level in three years
The delinquency rate for US commercial real estate loans in CMBS dropped for the third straight month to 8.38%. This represents a 10-basis-point drop since July's reading and a 175-basis-point improvement from a year ago.
| Aug 30, 2013
Local Government Report [2013 Giants 300 Report]
Building Design+Construction's rankings of the nation's largest local government design and construction firms, as reported in the 2013 Giants 300 Report.
| Aug 30, 2013
State Government Report [2013 Giants 300 Report]
Stantec, Jacobs, PCL Construction among nation's top state government design and construction firms, according to BD+C's 2013 Giants 300 Report.
| Aug 28, 2013
Federal Government Report [2013 Giants 300 Report]
Building Design+Construction's rankings of the nation's largest federal government design and construction firms, as reported in the 2013 Giants 300 Report.
| Aug 26, 2013
What you missed last week: Architecture billings up again; record year for hotel renovations; nation's most expensive real estate markets
BD+C's roundup of the top construction market news for the week of August 18 includes the latest architecture billings index from AIA and a BOMA study on the nation's most and least expensive commercial real estate markets.
| Aug 23, 2013
5 most (and least) expensive commercial real estate markets
With an average cost per square foot of $16.11, Stamford, Conn., is the most costly U.S. market for commercial real estate, according to a new study by the Building Owners and Managers Association International. New York and San Francisco are also among the nation's priciest markets.
| Aug 22, 2013
Energy-efficient glazing technology [AIA Course]
This course discuses the latest technological advances in glazing, which make possible ever more efficient enclosures with ever greater glazed area.
| Aug 22, 2013
6 visionary strategies for local government projects
Civic projects in Boston, Las Vegas, Austin, and suburban Atlanta show that a ‘big vision’ can also be a spur to neighborhood revitalization. Here are six visionary strategies for local government projects.
| Aug 22, 2013
Warehouse remake: Conversion project turns derelict freight terminal into modern office space [slideshow]
The goal of the Freight development is to attract businesses to an abandoned industrial zone north of downtown Denver.
