Look Into the Future
There are nine metros that are gaining market share over drivable suburban locations and all rank high for future walkability growth, according to the GWU and LOCUS Foot Traffic Ahead report. Sure, Boston, New York, DC, San Francisco, and Seattle are on the list. But watch for Miami, Atlanta, Detroit, and Denver. The report says that except for Detroit, these cities have 25% or more rent premiums for walkable urban office space on a per SF basis versus their drivable suburban competition. This real estate cycle, in particular, transformed metro Miami and Atlanta—which have sprawled faster than most other metros for decades.
For one, the 84k SF Gateway Center Doral broke ground recently at 2000 NW 87th Ave in Doral, a submarket of Miami. High Street Retail USA co-founder Sharon Dresser, who's marketing the property for developer DBH Properties, says that the timing is right for the retail and boutique office development. About 12,000 residential units have been approved in the area, and Doral's way short on retail and restaurant space as part of its walkable neighborhood design. (Or rollerblade-able if that person in the rendering is to be believed.)
