In an opinion piece for The New York Times, Christopher B. Leinberger summarizes a new report he's co-authored for the Brookings Institution that demonstrates the correlation between walkability and real estate value.
Leinberger's new study, co-authored with Mariela Alfonzo, compared the values of commercial and residential real estate in the Washington, D.C. metropolitan area with an area's walkability; and their findings have proven the reversal of the common understanding of where the most valuable real estate can be found.
"Our research shows that real estate values increase as neighborhoods
became more walkable, where everyday needs, including working, can be
met by walking, transit or biking. There is a five-step 'ladder' of
walkability, from least to most walkable. On average, each step up the
walkability ladder adds $9 per square foot to annual office rents, $7
per square foot to retail rents, more than $300 per month to apartment
rents and nearly $82 per square foot to home values."
And walkable doesn't have to mean downtown. "Demand for walkable urban space extends beyond city centers to suburbs;
in metropolitan Washington, more than half of the walkable places are in
the suburbs, like Reston Town Center, 22 miles from downtown
Washington; Ballston, in Arlington County; and Silver Spring, in
suburban Maryland."
The flip side of the rising value of walkable places in the accompanying loss of affordable housing that many cities are struggling with. Leinberger proposes some short and long-term strategies for improving affordability. "To address the affordability challenge, a sensible strategy would
include changes like zoning that allows homes with units in the back or
over the garage. But the long-term solution is encouraging the building
of more walkable places, which will reduce the price premiums by
creating more supply."
FULL STORY: Now Coveted: A Walkable, Convenient Place
Oregon Passes Exemption to Urban Growth Boundary
Cities have a one-time chance to acquire new land for development in a bid to increase housing supply and affordability.
Where Urban Design Is Headed in 2024
A forecast of likely trends in urban design and architecture.
Savannah: A City of Planning Contrasts
From a human-scales, plaza-anchored grid to suburban sprawl, the oldest planned city in the United States has seen wildly different development patterns.
Washington Tribes Receive Resilience Funding
The 28 grants support projects including relocation efforts as coastal communities face the growing impacts of climate change.
Adaptive Reuse Bills Introduced in California Assembly
The legislation would expand eligibility for economic incentives and let cities loosen regulations to allow for more building conversions.
LA's Top Parks, Ranked
TimeOut just released its list of the top 26 parks in the L.A. area, which is home to some of the best green spaces around.
City of Rochester
Boston Harbor Now
City of Bellevue
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Birmingham, Alabama
City of Laramie, Wyoming
Colorado Department of Local Affairs
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.