Quantifying the Benefits of a Walkable Development

Chris Weilminster

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.