While the debates around transit-oriented residential development continue, commercial TOD is picking up speed. Offices with nearby transited to fetch much higher rents than their car-only counterparts.
Getting to work without a car has its charms, especially for the young professional set. Increasingly, commercial developers are prioritizing projects within walking distance of transit hubs.
Joe Gose writes, "Office buildings with access to transit are outshining those without, fetching rents nearly 80 percent higher. That amounts to $45.57 a square foot versus $25.39 a square foot, according to a report released this year by Jones Lang LaSalle. Those same buildings have a vacancy rate 3.7 percentage points lower than offices without transit access."
As new transit gets built, office districts are liable to spring up nearby. "Areas that have experienced development near new rail systems or station openings include Fulton Market in Chicago; downtown Kansas City, Mo.; Austin, Tex.; and the RiNo neighborhood of Denver, to name a few."
FULL STORY: Transit Hubs: A Growing Lure for Developers
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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.
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Learn the tools for implementing Universal Design in planning regulations.
Gallatin County Department of Planning & Community Development
Heyer Gruel & Associates PA
JM Goldson LLC
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Jefferson Parish Government
Camden Redevelopment Agency
City of Claremont