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 22, 2021
Alabama fire chiefs oppose proposal to change school building code oversight
Bill would move code compliance control from state to local boards.
Codes and Standards | Apr 21, 2021
After dry winter, California ramps up wildfire prevention efforts
State to spend half a billion dollars on projects including making buildings more fire resistant.
Codes and Standards | Apr 20, 2021
U.S. electric grid is halfway to zero carbon
Other sectors including buildings lag power industry.
Codes and Standards | Apr 19, 2021
Failed landmark preservation effort in Chicago provides lessons for planners
Gentrification fears heightened among Pilsen neighborhood residents doomed ambitious preservation plan.
Codes and Standards | Apr 14, 2021
New Phase 1 Environmental Site Assessment standard debuts in 2021
Will affect 250,000 commercial real estate deals a year.
Codes and Standards | Apr 13, 2021
British Columbia moves to accelerate mass timber construction
Province funds demonstration projects as part of economic recovery.
Codes and Standards | Apr 12, 2021
WoodWorks and Think Wood release first Mass Timber Design Manual
Interactive collection of information on mass timber products, design best practices, taller wood construction and sustainability.
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.