{"id":1004643176,"date":"2023-02-01T13:19:00","date_gmt":"2023-02-01T21:19:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004643176"},"modified":"2023-02-03T08:02:44","modified_gmt":"2023-02-03T16:02:44","slug":"walkabilitys-continued-impact-on-cbds","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/walkabilitys-continued-impact-on-cbds\/","title":{"rendered":"Walkability\u2019s Continued Impact on CBDs"},"content":{"rendered":"
\"\"

Suzann D. Silverman, Editorial Director\u00a0<\/p><\/div>\n

Despite the COVID exodus, walkable urban areas have retained their value over drivable suburbs, according to the newly released 2023 edition of the “Foot Traffic Ahead<\/a>” walkability study. And that\u2019s not just housing, which has seen record rental rate increases in recent years. Even mid-pandemic, while office buildings struggled to attract workers back, the urban-over-suburban price premiums for both office and surrounding retail space continued to surpass those for multifamily and for-sale housing, the study by Places Platform LLC and Smart Growth America found. (Full disclosure: Yardi Systems, which owns CPE, was a research partner on the study, contributing data.)<\/p>\n

Certainly, the preference for walkability hasn\u2019t changed post-COVID, no matter where people landed as many searched for bigger homes with more space to accommodate work. Some still prefer everything primary cities have to offer, and benefits like strong transit systems and economic drivers have kept major coastal cities\u2014plus Chicago\u2014at the top of this ranking. Many others were attracted to smaller, more affordable cities that have regained prominence through redevelopment and reorientation. And, in fact, there continues to be a strong preference for central business districts of all sizes, with their easy accessibility to businesses, stores, schools and parks. To me, that\u2019s not surprising. Convenience matters in our all-too-busy lives, and that\u2019s not going to go away.<\/p>\n

As someone who lives in a small suburb and drives a lot, I very much appreciate the services surrounding my big-city office\u2014especially when I think back to earlier office situations, where there was nothing nearby and I had to get in my car and drive if I wanted to pick up lunch or run an errand. I also appreciate that my suburban town has a strong CBD, complete with direct access to New York City via train or bus. With apartments above the businesses, it\u2019s walkable urbanism on a small scale.<\/p>\n

But I digress. The good news among the study\u2019s findings, which Jordana Rothberg details in her special report \u201cHow Walkability Impacts CRE Markets<\/a>,\u201d is that mixed-use in cities both big and small is still in great demand, attracting residents who in turn draw business. The bad news is that space for urban expansion is limited, curtailing growth, and high land prices continue to limit affordability\u2014and in turn, social equity.<\/p>\n

But the study\u2019s authors, led by Chris Leinberger, co-founder & managing director of Places Platform,<\/strong> see potential to address these issues in addition to environmental concerns, reducing costs for developers, accommodating demand and making these practical commercial centers more accessible to diverse communities while encouraging them to grow. There are a lot more details among the findings. I encourage you to read Jordana\u2019s article and then delve into the study.<\/p>\n\n\n

Read the February 2023 issue of CPE.<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Smart expansion of the most walkable urban metros would improve affordability, accessibility and environmental impact, while offering new opportunity for developers.<\/p>\n","protected":false},"author":755,"featured_media":1004163981,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21788],"tags":[],"class_list":["post-1004643176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-editors-notes"],"acf":[],"yoast_head":"\nWalkability\u2019s Continued Impact on CBDs - 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\/walkabilitys-continued-impact-on-cbds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Walkability\u2019s Continued Impact on CBDs\" \/>\n<meta property=\"og:description\" content=\"Smart expansion of the most walkable urban metros would improve affordability, accessibility and environmental impact, while offering new opportunity for developers.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/walkabilitys-continued-impact-on-cbds\/\" \/>\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=\"2023-02-01T21:19:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-03T16:02:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/01\/SSilverman_101713_rgb.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1606\" \/>\n\t<meta property=\"og:image:height\" content=\"1205\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Suzann D. 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