Tools to address high prices and short supply include zoning reform to increase walkable urban land supply and expansion and investment in affordable housing.įoot Traffic Ahead did find modest reductions in the walkable urban rent and for-sale price premiums over drivable sub-urban due to the pandemic, a “bump in the road”, but significant price premiums remain across the board for walkable urban real estate, including 34% price per square foot price premiums in residential for-sale and 47% rental premiums in office and multifamily rentals. This is notable as it is illegal to build walkable urban densities and mixed-use development on much of the 98.8% of land that is car-dependent due to restrictive zoning policies in most metropolitan areas. real GDP and 6.8% of the US population are located in walkable urban places that represent just 1.2% of total landmass of the top 35 US metros. The report found that 19.1% of the total U.S. ![]() The report also provides policymakers with recommendations on how to increase both the supply of and access to equitable, walkable urban development while safeguarding affordability and providing benefits such as improving community health, lowering emissions by reducing car use, and advancing equity by bringing access to economic opportunity. Based on the share of office, retail, and rental multi-family occupied square footage in walkable urban places relative to the metro region as a whole, the top regions are 1) New York City, 2) Boston, Boston, 3) Washington, DC, 4) Seattle, 5) Portland, 6) San Francisco, 7) Chicago, 8) Los Angeles. Read our press release here.įoot Traffic Ahead finds higher demand driving premiums for commercial and multifamily rents and for-sale home prices in walkable urban places, compared to car-dependent alternatives. Leinberger, and using data from Yardi Matrix and Rocktop Partners, the report finds that the demand for walkable urban real estate far exceeds supply. Co-authored by Michael Rodriguez, AICP, and Christopher B. ![]() ![]() Foot Traffic Ahead 2023 ranks the top 35 metro areas by their walkable urbanism using an index that considers premiums in commercial rents, multifamily rental rates, and for-sale home prices.
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