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
Codes and Standards | Apr 8, 2021
Sensors used in tunable lighting systems found to have high reliability
DOE study investigated items used to control lumen depreciation, chromaticity shifts, and changes in drivers.
Codes and Standards | Apr 7, 2021
Red tape ruined the U.K.’s home retrofit program
Lessons learned could help US avoid that fate.
Codes and Standards | Apr 6, 2021
Lendlease achieves net-zero carbon in Boston, Chicago multifamily portfolio
New projects in New York, Los Angeles on track to reach goal.
Codes and Standards | Apr 5, 2021
Specification for sliding door, lift and slide roller assemblies updated
Addresses market trend toward heavy sliding doors.
Codes and Standards | Apr 5, 2021
Construction employment rebounds in March following February drop
Rising costs, supply-chain woes, and cancellations threaten outlook.
Codes and Standards | Apr 2, 2021
Intl. Code Council’s new development system could be a brake on building decarbonization
Local governments lose influence on creating new energy efficiency rules.
Codes and Standards | Apr 1, 2021
Cuomo proposes strengthened NY building codes to boost efficiency
Would apply to appliance, equipment efficiency and reduce water use.
Codes and Standards | Mar 25, 2021
N.C.’s Outer Banks’ communities struggle for ways to keep the sea from overrunning them
Tax hikes for beach replenishment offer temporary solution.
Codes and Standards | Mar 24, 2021
Perkins&Will’s D.C. office pledges to eliminate embodied carbon in commercial interiors
Firm aims to reach goal on all designs by 2030.
Codes and Standards | Mar 23, 2021
The 15-minute city may not work in much of North America
Segregated neighborhoods and car-centric cities may not adapt to the European model.