New research from a George Washington University research group and LOCUS, a coalition of real estate investors that's part of Smart Growth America,says that offices in “Walkable Urban Places (WalkUPs)” bring developers 74% more rent per square foot.
The study, “Foot Traffic Ahead: Ranking Walkable Urbanism in America’s Largest Metros,” also found that areas that rank high for walkable development average 38% higher GDP than lower-ranking communities.
The researchers say that the increase in demand for pedestrian-friendly office buildings is part of a societal shift. “The last time we saw a structural change like this was back in the ’40s and ’50s,” said Christopher Leinberger, one of the authors of the report. “It’s going to take 20 to 30 years to catch up with pent-up demand.”
The study ranks the top 30 U.S. metro areas for their levels of walkable urbanism as well as projecting future rankings. It found 558 “WalkUPS” in those areas, defining them as regionally significant major employment centers. In the top 30 metros, WalkUPS take up just 1% percent of the available acreage, but account for as much as 50% of the office, hotel, apartment, and retail square footage.
Walkable urban developments are not as easy to create as the “formula product” that characterizes drivable suburban development, the study’s authors say. That’s due in part to NIMBYism and more complex permitting and review processes required in urban locations.
Related Stories
Green | Jan 29, 2016
USGBC names top 10 states for LEED green building
Illinois leads the list for the third straight year.
Codes and Standards | Jan 25, 2016
Dept. of Energy releases decision guides for plug and process loads
Plug and process loads consume about 30% of the primary energy in U.S. commercial buildings today.
Codes and Standards | Jan 22, 2016
ConsensusDocs releases new multi-party IPD agreement and joining agreement
The documents serve as a comprehensive revision of previous IPD agreement
Codes and Standards | Jan 22, 2016
State Savings Calculator analyzes savings associated with energy codes
The calculator breaks down the cost-effectiveness of energy codes on a state-by-state basis.
Codes and Standards | Jan 22, 2016
Metal Roofing Seaming Guide published by Metal Construction Association
The free document is specifically tailored for metal roof installation.
Codes and Standards | Jan 22, 2016
Treasury Dept. will start crackdown on illicit money in luxury real estate
The move is expected to impact high-end condo development.
Resiliency | Jan 13, 2016
LEED credits on resiliency expected to influence future of building design
Post-disaster survivability is a key goal.
Codes and Standards | Jan 12, 2016
Batteries are the next step in raising sustainability standards
Battery technology will reduce electricity costs and promote a more stable, flexible grid.
Codes and Standards | Jan 4, 2016
Denver broadens its use of design reviews as construction booms
Support strong, but some wary of giving more say to review boards.
Codes and Standards | Dec 23, 2015
International Code Council approves updates based on NIST study of Joplin, Mo. tornado
Applies to schools and other high occupancy buildings.