WASHINGTON, DC–We all know that walkable communities are viewed more favorably by tenants and by those tenants' customers — whether they are shoppers or office dwellers. Now JLL has conducted research to quantify just how favorable a walkable community is.
It has found that:
- Consumers spend more: Pedestrians may spend up to 65% more at retailers than shoppers that drove to the store.
- Office rents are higher: Average office rents are 37% higher in walkable markets than those that are not deemed walkable.
EVP at Federal Realty Chris Weilminster takes a stab at explaining the first finding. Federal Realty, of course, has several projects around the country and as Weilminster tells GlobeSt.com, walkability is an important component to them.
Retailers like walkable communities, he says , because the dwell time in the community — and hence the store — is so much greater compared to a shopping center where the consumer drives up to the mall, parks and goes in.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
