The harder I work, the luckier I get.
Samuel Goldwyn
Research says walkable urban places command a rent premium, increase equity—and are poised for more growth.
BY PATRICK SISSON @FREQRESPONSE JUN 14, 2016, 11:32A
For the last six or seven decades, the United States has seen rapid growth in the suburbs, a huge shift from the boom in walkable urban places that took place in the ‘20s. But now, a new report suggests the recent trend toward urban development, density and downtown living may suggest “another structural shift is taking place,” with walkable urban development making a comeback, and signs of pent-up demand suggesting there much more to come.
Foot Traffic Ahead, conducted by the Center for Real Estate and Urban Analysis at George Washington University School of Business in conjunction with LOCUS: Responsible Real Estate Developers and Investors, shows that walkable urban places—defined as spaces with higher density, more mixed-use real estate, and multiple transportation options—are growing in all the 30 largest metro areas in the United States, gaining market share against suburban competition for the first time in decades, and commanding substantially higher rent premiums. Walkable urban spaces can charge a premium: 90 percent higher for office space, 71 percent for retail, and 66 percent for multifamily rental.
The data shows that cities with the highest levels of walkable urbanism are the most educated, wealthy (based on GDP per capita), and also the most socially equitable. While the may seem counterintuitive, considering the real estate in question is often much more expensive, the study found that walkable space encourages equity because it provides more access to employment and easier commutes to jobs, lowering transportation costs (sprawl costs the U.S. billions annually).
Of particular note are up-and-coming southern and Sunbelt cities, such as Los Angeles (which has made the largest investment in new rail transit in the country), and well as Miami and Houston, which are also building up their rail networks. They represent metros with a significant rise in walkable urban places, suggesting efforts to dispel their reputation for sprawl are beginning to make a difference.
Looking at the momentum rankings compiled in the report, the picture changes slightly. While perennially walkable cities such as New York, Boston, Seattle, and Washington, DC, are also showing continued growth trends, some surprising cities are making great strides in walkability and dense development. Detroit, L.A. and Phoenix are rapidly changing, according to the study. Detroit, which has posted some of the fastest GDP growth of all 30 metros over the last few years, has posted exceptional growth, along with nearby cities such as Ann Arbor, Birmingham, and Royal Oak.
Why Don’t We Have More Walkable Cities? [Curbed]
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Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona. Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.
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4rd QTR 2015 GREATER PHOENIX APARTMENT OWNER’S NEWSLETTER Kasten Long Commercial Group.
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Apartment Vacancy Rates – Greater Phoenix Area – 50+ Units (Stabilized) 2013, 2014, & 2015
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AZREIA Market Update | March 2016
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
2016 Official Arizona Visitors Guide
http://walter-unger.com/why-phoenix-2/
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Timeline of Phoenix, Arizona history
http://en.wikipedia.org/wiki/Timeline_of_Phoenix,_Arizona_history
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http://en.wikipedia.org/wiki/Phoenix,_Arizona
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Facts of Arizona – year 1848 to 2013
http://walter-unger.com/?p=9507
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
Walter Unger CCIM
Senior Associate Broker
Kasten Long Commercial Group
2821 E. Camelback Rd. Suite 600
Phoenix , AZ 85016
Direct: 520-975-5207
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