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
Glass and Glazing | Mar 5, 2018
New $5 Billion Apple Headquarters Has a Glass Problem
The substantial use of glass on the interior of Apple Park has caused headaches for some employees, literally.
Office Buildings | Mar 2, 2018
Give your HQ some heart: Creating branded workplaces
These days, if your office space isn’t a true reflection of your brand, you’ve missed a big opportunity to connect with your audience.
Office Buildings | Mar 1, 2018
The top seven floors of Macy’s State Street store will be converted to office space
The deal is worth $30 million.
Office Buildings | Feb 23, 2018
Why the 'cultural fit' doesn't fit
Evidence shows that companies that hire on or emphasize cultural fit struggle to innovate and change.
Office Buildings | Feb 20, 2018
New Tommy Bahama HQ looks to ‘Make Life One Long Weekend’ for its employees
Approximately 400 employees will occupy the SkB Architects-designed space.
Office Buildings | Feb 20, 2018
Flex and co-working office spaces create value for users, tenants, and developers, according to a new survey
More landlords see these spaces as “long-term solutions.”
Office Buildings | Feb 19, 2018
Large photovoltaic “wings” help eliminate emissions from this Italian headquarters building
The wings have a surface area of over 1,100 sm.
Office Buildings | Feb 13, 2018
Office market vacancy rate at 10-year low
Cautious development and healthy absorption across major markets contributed to the decline in vacancy, according to a new Transwestern report.
Office Buildings | Feb 8, 2018
Custom home or corporate office? Investment firm wanted both
Designed by Vertical Arts Architecture, the building features design elements found in high-end custom homes in the region.
Office Buildings | Feb 8, 2018
The American Psychiatric Association moves into The Wharf
The new office occupies 3 floors at 800 Main Avenue SW.
