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
Office Buildings | Jul 11, 2019
Designing successful workplaces for an unknown future
The traditional model of signing long-term leases, committing extensive capital to an inflexible solution, and then calling it a day is no longer viable.
Office Buildings | Jul 5, 2019
This will become the tallest shipping container building in the world
Patalab is designing the building.
Design Innovation Report | Jun 25, 2019
2019 Design Innovation Report: Super labs, dream cabins, office boardwalks, façades as art
9 projects that push the limits of architectural design, space planning, and material innovation.
Office Buildings | May 29, 2019
Smart buildings can optimize wellness
Employees want wellness initiatives built into their work experience, especially when they’re in spaces that can leave them feeling stiff, stressed, and sick.
Office Buildings | May 29, 2019
HQ2 in cue: Amazon’s Arlington, Va., headquarters has energy-efficient design
With more than two million sf of LEED-certified office space planned, Amazon's new designs for its second headquarters in Arlington, VA, also will have green space, a one-acre park, and bicycle and public transportation access.
Sustainability | May 28, 2019
Carrier’s world headquarters in Florida goes green
The structure is the first commercial building in Florida to achieve LEED Platinum v4 Certification.
Office Buildings | May 14, 2019
Sail on, Royal Caribbean: HOK-designed headquarters celebrates cruise ship industry
The building’s design is inspired by the design of its fleet of cruise ships—with flowing lines.
Mixed-Use | May 2, 2019
A series of green bridges will connect these two towers in Shenzhen, China
Steven Holl Architects designed the project.
Office Buildings | May 2, 2019
HOK’s latest study takes a new look at tech workplaces
The report provides insight into the relative importance of such things as amenities and occupant health for recruiting and retaining workers.
Office Buildings | Apr 25, 2019
Study: Half of corporate and government offices offer wellness programs
Nearly 30% of worksites offer programs for physical activity and fitness, according to the CDC.
