A new study confirms the benefits of having real estate in pedestrian and transit-friendly areas, according to Banker & Tradesman.
Boston is in the top three cities where rent is significantly higher for walkable commercial and multi-family properties compared to suburban developments.
A study released by LOCUS, looked at 30 metro areas and compared walkable urban places with floor area ratios and multiple transport options.
The study revealed that office spaces in walkable urban areas had rents 75% higher than those in suburban areas nationwide.
In Boston and the surrounding area, 32% of occupied office, retail and multifamily space is located in 57 different walkable urban places. In this places the rent premium was 96% compared with suburban properties in 2015.
Walkable urban places only account for 1.2% of the region’s acres, but they account for 93% of office and multifamily absorption.
There is currently a strong demand for urban properties and a number of new developments that support this demand.
The LOCUS report ranked Boston second after New York for the potential for future walkable development.Tags: Commercial Real Estate, Multi-Family, new developments, news