The national average rent in transit-accessible office buildings was 65% higher than the average market rent in early 2018, according to a new report from real estate firm Transwestern. The examination of 15 major metros shows average rent in Central Business Districts was $43.48/sf (triple net) for transit-accessible buildings, versus $26.01/sf for car-dependent buildings.
Transit-accessible office space was also at a premium in the suburbs, with an average rent of $33.43/sf being nearly 50% higher than rent in car-dependent buildings.
Source: Transwestern
In the analysis, transit-accessible buildings are defined as those within a 10-minute walk from a subway, commuter rail, or light rail facility. Based on the combined statistical areas (CSAs) in the set, approximately 39% of total office inventory is categorized as transit-accessible, while the remainder is car-dependent.
Nationally, the CSAs of Denver, New York/New Jersey, Washington, D.C., and the San Francisco Bay Area are rated the highest on the transit-accessibility scale, with approximately half of the office market’s inventory qualifying as transit-accessible. View an interactive map of the top CSAs.
“As workplace amenities have become increasingly important to companies in attracting and retaining talent, tenants are most certainly keeping accessibility to mass transit on their radar when surveying office product,” said Brian Landes, Director of GIS/Location Intelligence for Transwestern. “Not surprisingly, vacancy for transit-accessible buildings is lower than overall vacancy, which makes these buildings extremely attractive to commercial real estate investors.”
Source: Transwestern
Source: Transwestern
Related Stories
Biophilic Design | Oct 18, 2023
6 ways to integrate nature into the workplace
Integrating nature into the workplace is critical to the well-being of employees, teams and organizations. Yet despite its many benefits, incorporating nature in the built environment remains a challenge.
Office Buildings | Oct 16, 2023
The impact of office-to-residential conversion on downtown areas
Gensler's Duanne Render looks at the incentives that could bring more office-to-residential conversions to life.
Government Buildings | Oct 10, 2023
GSA names Elliot Doomes Public Buildings Service Commissioner
The U.S. General Services Administration (GSA) announced that the agency’s Public Buildings Service Commissioner Nina Albert will depart on Oct. 13 and that Elliot Doomes will succeed her.
Products and Materials | Sep 29, 2023
Top building products for September 2023
BD+C Editors break down 15 of the top building products this month, from smart light switches to glass wall systems.
Office Buildings | Sep 28, 2023
Structural engineering solutions for office-to-residential conversion
IMEG's Edwin Dean, Joe Gulden, and Doug Sweeney, share seven key focuses for structural engineers when planning office-to-residential conversions.
Mixed-Use | Sep 20, 2023
Tampa Bay Rays, Hines finalize deal for a stadium-anchored multiuse district in St. Petersburg, Fla.
The Tampa Bay Rays Major League Baseball team announced that it has reached an agreement with St. Petersburg and Pinellas County on a $6.5 billion, 86-acre mixed-use development that will include a new 30,000-seat ballpark and an array of office, housing, hotel, retail, and restaurant space totaling 8 million sf.
Giants 400 | Sep 18, 2023
Top 90 Office Building Engineering Firms for 2023
Jacobs, WSP, Alfa Tech, and AECOM head BD+C's ranking of the nation's largest office building sector engineering and engineering/architecture (EA) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking includes revenue for all office building work, including core and shell projects and workplace/interior fitouts.
Giants 400 | Sep 18, 2023
Top 120 Office Building Construction Firms for 2023
Turner Construction, STO Building Group, AECOM, and DPR Construction top BD+C's ranking of the nation's largest office building sector contractors and construction management (CM) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking includes revenue for all office building work, including core and shell projects and workplace/interior fitouts.
Giants 400 | Sep 18, 2023
Top 200 Office Building Architecture Firms for 2023
Gensler, Stantec, HOK, and Interior Architects top BD+C's ranking of the nation's largest office building sector architecture and architecture/engineering (AE) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking includes revenue for all office building work, including core and shell projects and workplace/interior fitouts.
Adaptive Reuse | Sep 15, 2023
Salt Lake City’s Frank E. Moss U.S. Courthouse will transform into a modern workplace for federal agencies
In downtown Salt Lake City, the Frank E. Moss U.S. Courthouse is being transformed into a modern workplace for about a dozen federal agencies. By providing offices for agencies previously housed elsewhere, the adaptive reuse project is expected to realize an annual savings for the federal government of up to $6 million in lease costs.
