D.C. Bike Share Steers Economic Growth

Real estate listings tout proximity to it, retailers want to be near it, and communities are clamoring for it; Capital Bikeshare has become an economic development tool that some think could be as potent as cars and Metro in guiding development.

"Capital Bikeshare is doing more than moving people around on red bikes," reports Kytja Weir. "It's also helping sell houses and apartments and draw people to businesses."

"The bike-sharing system, which has more than 175 docking stations across the District, Arlington and Alexandria, has become the latest tool to spur development and attract young people. Soon it will be coming to Montgomery County, and other communities are trying to bring it to their neighborhoods."

"Craigslist showed 72 active housing listings touting proximity to bikeshare on Friday," she adds. "It is featured on Airbnb as a perk for visiting tourists seeking to rent out locals' homes. Wal-Mart is planning to add the docking stations to its stores coming to the District, according to bikeshare officials."

"Christopher Leinberger, a George Washington University professor and Brookings Institution fellow, said that Capital Bikeshare could become akin to cars and Metro in changing the dynamics of development around the region. Leinberger has studied the economic impact of Metrorail, which has spurred billions of dollars of development around the region in the past 37 years. 'It could be that significant and yet it's really cheap,' he said."

Full Story: Capital Bikeshare becoming an economic development tool

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