{"id":1004244194,"date":"2018-08-01T10:30:26","date_gmt":"2018-08-01T18:30:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004244194"},"modified":"2022-12-08T18:03:57","modified_gmt":"2022-12-09T02:03:57","slug":"mass-transits-importance-in-major-office-metros","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/","title":{"rendered":"Mass Transit’s Importance in Major Office Metros"},"content":{"rendered":"

By Corina Stef<\/p>\n

In the last couple of years, there has been a massive migration<\/a> toward the suburbs due to the skyrocketing rental rates in the country\u2019s major metros. Both Millennials and Baby Boomers were looking for more affordable alternatives, and companies followed along as well. Businesses repopulated the traditional suburban office campuses<\/a> or nested in what we know today as live-work-play communities.<\/p>\n

However, this move didn\u2019t leave downtowns vacant<\/a>. Demand for office space continues to be high, especially in large cities. When choosing a location, companies take into consideration a series of major factors, and not only demographic trends. One of them is the presence\u2014or lack thereof\u2014of mass transit options near their offices. With a large part of the workforce concentrated in bedroom communities or suburban areas, both landlords and tenants recognized that attracting and keeping talent depends on their employees\u2019 accessibility to public transportation options.<\/p>\n

A new report from Transwestern examines 15 major metros and mass transit\u2019s influence on the market. Transit-accessible buildings are considered those within a 10-minute walk from a subway, commuter rail or light-rail facility.<\/p>\n

\"\"<\/a>

Transit accessibility across 15 metros<\/p><\/div>\n

On the right track<\/h2>\n

People and companies of Denver are truly lucky, as the metro\u2019s transit-accessible office buildings reached 71 percent. This rate has been pushed by the recently signed Senate Bill 1, which allocated spending in the near future $645 million on highways and transit. The only metro reaching the above the 50-percent mark\u201458 percent, to be more precise\u2014was New York. The metro boasts a 6.7 percent average vacancy in these buildings, which is a testimony to the fact that vacancies in transit-accessible office assets are lower than average<\/a>. Washington, D.C., and San Francisco scored a 49 and 46 percent accessibility, respectively.<\/p>\n

Chicago encompasses 158.1 million square feet of office space (a 43-percent rate) located close to transportation options. The booming Seattle metro, an emerging tech hub and home to some of the nation\u2019s biggest corporate players, reached a 41-percent rate. However, Amazon\u2019s rapid expansion near the urban core will make things harder for commuters. Rents in transit-accessible metros are also 65 percent higher than market average rents. A good example is Boston (36 percent of transit-accessible office buildings), which with its average rates of $41.78 per square foot falls behind San Francisco and New York. St. Louis recorded a 34 percent transit accessibility.<\/p>\n

The roads less traveled<\/h2>\n

With a 33 percent accessibility rate, Atlanta is situated below the national average rate. The recent population growth, traffic congestion and densification throughout the metro are a result of a development swoon. Office buildings in Dallas are 30 percent transit-accessible, followed by Phoenix (22 percent). These Sunbelt cities are essentially suburban in character and despite new development coming online in transit access each year, a large deal of their inventory is scattered across the metro. The only exception is Minneapolis, which encompasses 35.8 million square feet of transit-access office space, meaning 25 percent of its total office inventory.<\/p>\n

Houston has been battling mass transportation issues for years now, and only 20 percent of its office inventory is transit-accessible. The metro\u2019s roads are often under construction to meet the demands of continuing growth\u2014an example is Interstate 45, which connects the city with Dallas. Additionally, its transportation system dates back only to 2004, and prior to that, Houston was the largest city in the U.S. without a rail transit system. Even today, the light rail doesn\u2019t go further than the downtown area.<\/p>\n

Despite its status as a booming office market, Los Angeles scored a 19 percent rate of accessibility. Office development in the area is diffused in an unorganized way. Miami has the lowest number of transit-accessible office buildings (28.8 million square feet, or a 16 percent of its total office inventory). The highly suburban metro\u2019s transportation system runs mostly in the central areas.<\/p>\n

Case in point, approximately 39 percent of total office inventory across the 15 metros is considered transit-accessible, while the rest of it is largely dependent on cars. Additionally, national average rents for these assets are 65 percent higher than the average market rent.<\/p>\n

Image courtesy of Transwestern<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A new report from Transwestern analyses how public transportation near office buildings affects office vacancies and average rents across 15 major metros. <\/p>\n","protected":false},"author":741,"featured_media":1004244197,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[39372],"tags":[33313],"class_list":["post-1004244194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cpe-blog","tag-transwestern"],"acf":[],"yoast_head":"\nMass Transit's Importance in Major Office Metros - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mass Transit's Importance in Major Office Metros\" \/>\n<meta property=\"og:description\" content=\"A new report from Transwestern analyses how public transportation near office buildings affects office vacancies and average rents across 15 major metros.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-01T18:30:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:03:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png\" \/>\n\t<meta property=\"og:image:width\" content=\"907\" \/>\n\t<meta property=\"og:image:height\" content=\"703\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Corina Stef\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/\",\"name\":\"Mass Transit's Importance in Major Office Metros - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png\",\"datePublished\":\"2018-08-01T18:30:26+00:00\",\"dateModified\":\"2022-12-09T02:03:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/73262f140f4b0a11baea2dd6f27beadf\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png\",\"width\":907,\"height\":703,\"caption\":\"Transit accessibility across 15 metros\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Mass Transit’s Importance in Major Office Metros\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/73262f140f4b0a11baea2dd6f27beadf\",\"name\":\"Corina Stef\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Corina-Stef.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Corina-Stef.jpg?w=96\",\"caption\":\"Corina Stef\"},\"description\":\"Corina Stef started her tenure as a music journalist a decade ago and has been occupying a full-time real estate editor and blogger position since 2017. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who focuses on commercial real estate trends and in-depth stories.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/corina-stef\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Mass Transit's Importance in Major Office Metros - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/","og_locale":"en_US","og_type":"article","og_title":"Mass Transit's Importance in Major Office Metros","og_description":"A new report from Transwestern analyses how public transportation near office buildings affects office vacancies and average rents across 15 major metros.","og_url":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2018-08-01T18:30:26+00:00","article_modified_time":"2022-12-09T02:03:57+00:00","og_image":[{"width":907,"height":703,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png","type":"image\/png"}],"author":"Corina Stef","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/","url":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/","name":"Mass Transit's Importance in Major Office Metros - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png","datePublished":"2018-08-01T18:30:26+00:00","dateModified":"2022-12-09T02:03:57+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/73262f140f4b0a11baea2dd6f27beadf"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png","width":907,"height":703,"caption":"Transit accessibility across 15 metros"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/mass-transits-importance-in-major-office-metros\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Mass Transit’s Importance in Major Office Metros"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/73262f140f4b0a11baea2dd6f27beadf","name":"Corina Stef","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Corina-Stef.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Corina-Stef.jpg?w=96","caption":"Corina Stef"},"description":"Corina Stef started her tenure as a music journalist a decade ago and has been occupying a full-time real estate editor and blogger position since 2017. She is a senior associate editor with Commercial Property Executive and Multi-Housing News who focuses on commercial real estate trends and in-depth stories.","url":"https:\/\/www.commercialsearch.com\/news\/author\/corina-stef\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/07\/transwestern.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004244194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/741"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004244194"}],"version-history":[{"count":5,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004244194\/revisions"}],"predecessor-version":[{"id":1004246798,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004244194\/revisions\/1004246798"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004244197"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004244194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004244194"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004244194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}