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 12, 2016
CF Møller designs LEGO world headquarters complex in Denmark
The 52,000-sm complex will incorporate many familiar motifs from the popular plastic building block toys.
Office Buildings | Jul 11, 2016
CetraRuddy designs office tower for Manhattan’s Meatpacking district
Plans originally called for a hotel, but the architect and developers adapted their design for commercial use.
Market Data | Jul 6, 2016
A thriving economy and influx of businesses spur construction in downtown Seattle
Development investment is twice what it was five years ago.
Contractors | Jul 4, 2016
A new report links infrastructure investment to commercial real estate expansion
Competitiveness and economic development are at stake for cities, says Transwestern.
High-rise Construction | Jun 29, 2016
Best Tall Buildings around the world favor unusual shapes and hybrid functions
The Council on Tall Buildings and Urban Habitat selects winners in four regions.
Office Buildings | Jun 16, 2016
Ability to focus, not perks, is top concern for office employees
Open-plan offices found to worsen distraction problem.
High-rise Construction | Jun 15, 2016
WilkinsonEyre designs diamond-patterned Bay Park Centre for Toronto
A sloping plaza with trees, grass, and gardens connects the two downtown towers.
Office Buildings | Jun 14, 2016
Let's not forget introverts when it comes to workplace design
Recent design trends favor extroverts who enjoy collaboration. HDR's Lynn Mignola says that designers need to accommodate introverts, people who recharge with solitude, as well.
Movers+Shapers | Jun 13, 2016
THE DISRUPTORS: The Millennial generation is imposing its will on design
AEC firms, particularly those that design hotels and offices, gain a competitive edge by knowing how to appeal to the largest share of the American workforce.
Office Buildings | Jun 10, 2016
Buildings that invest in wellbeing see healthy returns
Healthy workers are more productive workers, but fitness can be tough when employees at the office for 50 hours a week. Perkins+Will's Janine Grossmann offers the wellness components that landlords and companies should prioritize.
