Proximity to BART is Often a Deal Maker for Employers

BART station accessibility is key for employee convenience.

SAN FRANCISCO—Living close to, or even better, within reasonable walking distance of a BART station has become perhaps the most crucial factor for Bay Area residents. Increasingly more Bay Area companies report that employees are citing ease of commute as one of the primary factors when deciding on a job. While employers are making location decisions using access to mass transit as one of the criteria, employees are more often making close proximity to BART their number one priority when renting an apartment. This is due to the limited capacity in BART parking lots and garages along BART routes. Parking is maxed out at most stations, with garages and lots throughout the BART system routinely filled by 7:30 a.m. at the latest during the work week. This makes it increasingly difficult for commuters traveling to BART by car from close-in (but not walkable) locations as well as far-flung suburbs to use the system. Add this issue to the fact that BART parking rates continue to increase: parking costs can range from approximately $600 a year at outlying stations such as Richmond, to almost $2,000 per year at popular stations like West Oakland.  It is worth noting that until 2014, parking at all BART stations was free. According to Stephen Jackson , head of capital markets-multifamily investment sales at JLL in San Francisco, this makes transit-oriented development all the more important in the Bay Area. Rental apartments within easy access of BART stations are increasingly valuable so commuters can reduce travel costs (and hassle) by leaving cars behind—a big plus, especially with the Bay Area’s heavily congested roadways. Transit use increased 10% in the Bay Area between 2004 and 2014, and BART is the fourth most heavily used mass transit region in the country (after Los Angeles, Chicago and Washington, DC). But, according to a report by SPUR, at current rates of ridership growth, BART’s ability to transport riders across the Bay will be maxed out by 2024, further impeding access to a BART station by car. “We have the most expensive rental housing in the country here in the Bay Area and many employees are being priced out of urban living so are forced to look to the suburbs. For these renters, BART access is critical,” says Jackson. “Yet, BART expansion is incredibly difficult and, even where it might be possible, it will take many years to realize.” He says this means that landlords of properties within easy access of existing BART stations are sitting on some of the most valuable properties in the Bay Area. Jackson tells GlobeSt.com: “Developers and operators are paying premiums for development opportunities and buildings located within walking distance of BART stations and the strategy is paying off. Following JB Matteson ‘s recent strategic purchase, Ilara apartments in Milpitas—located within a block of the new BART station—is already in high demand.”