Expert: NJ Can Step Livelier with More ‘Walkability’

NEW BRUNSWICK, NJ-New Jersey can help revive property values in fading suburbs by meeting a pent-up demand for “walkable urbanism,” says Chris Leinberger, a land use strategist with the Brookings Institution who is the luncheon keynote speaker at New Jersey Future’s annual Redevelopment Forum to be held at the Hyatt Hotel and Conference Center here Friday. New Jersey might long have been known as the quintessential home of car-commuter suburbs, but it possesses the right assets to capitalize on a burgeoning trend toward transit-oriented redevelopment, Leinberger says in a preview to his talk, posted at NJFuture.org, the statewide planning group’s website.

Leinberger, who is a visiting fellow at the Washington, DC think tank, says national survey evidence shows that walkable urban settings near mass transit centers command a 40% 200% premium over nearby drivable-only suburbs. He is on the advisory board of an organization called WalkScore, which provides real estate professionals with a ranking of local amenities and commute times they can print out or email to clients. One recent survey cited by Leinberger found that if an area goes up one point in its WalkScore, office rents rise by $9 per square foot and retail rents go up by $7 square foot per year.