The popular narrative about younger generations aging and leaving urban centers is presented as inevitable. But most news stories fail to examine why many younger people are taking up residence in suburbia—or whether or not the suburbs they’re choosing have more in common with cities or the exurbs their parents preferred. Perhaps their move to the suburbs is more a product of constrained housing supply that leaves them with little choice but to decamp as they grow.
Walkable urban places
New York is the densest and most walkable city in the country. But just a few, relatively small walkable urban places—or WalkUPs—are responsible for an outsize percentage of the region’s population, employment, and GDP.
How do these WalkUps compare economically and socially to the region’s drivable suburban communities? What challenges will New York’s WalkUPs likely face over the next 20 years, and what can policymakers do to address them?
On April 4, 2017, the George Washington University’s Center for Real Estate and Urban Analysis (CREUA) will answer these questions when they release The WalkUP Wake UP Call: Metro New York City. The report will include for the very first time a nearly 100 percent census of all real estate in the New York metro area as well as an analysis of growth trends in the region.
There are 619 regionally significant, walkable urban places (or “WalkUPs”) in the nation’s 30 largest metro areas.
Foot Traffic Ahead 2016, released today by LOCUS in conjunction with the Center for Real Estate and Urban Analysis at the George Washington University School of Business, looked at all of them.
The new report ranks the country’s 30 largest metropolitan areas based on the amount of commercial and multi-family rental development in WalkUPs, and uses a series of forward-looking metrics to predict how walkable their future development might be. The research also uses social equity metrics like housing costs, transportation costs, and access to jobs to understand the relationship between walkability and social equity.
The research found that walkable urban market share growth in office and multi-family rental increased in all 30 metro areas between 2010-2015, while drivable sub-urban locations have lost market share.
Not surprisingly, New York City, Washington DC, Boston, Chicago, San Francisco, and Seattle ranked at the top of current areas for walkable urbanism. But the research points to other cities including Phoenix, Los Angeles, and metro Detroit as best-positioned for future growth of walkability given current efforts in those the communities.
Download the full report to see the full rankings, including which metros are getting the most out of their current development, which have the greatest momentum, and which rank the highest for social equity.
A new report from The George Washington University’s Center for Real Estate and Urban Analysis, in partnership with LOCUS: Responsible Real Estate Developers and Investors and ULI Washington, reveals how walkable urban places and projects will drive tomorrow’s real estate industry and the U.S. economy, and outlines what actions are needed to take advantage of these market trends.
The report was released at an event yesterday in Washington, DC. Governor Parris Glendening, President of Smart Growth America’s Leadership Institute, gave the kickoff keynote of the day-long event. Glendening discussed the megatrends shaping the real estate market today, including changing demographics, new demand among consumers and emerging economic factors. These trends are all influencing the real estate market, Glendening explained, and are shaping how developers think about the built environment and economic development.