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Real Estate Values Increase with Walkability
Today, the most valuable real estate lies in walkable urban locations.
A recently released Brookings Institution study by Christopher Leinberger and Mariela Alfonzo, measures values of commercial and residential real estate in the Washington, D.C., metropolitan area, which includes the surrounding suburbs in Virginia and Maryland. This research shows that real estate values increase as neighborhoods became more walkable... where everyday needs, including working, can be met by walking, transit or biking.
Read about more of the findings in this New York Times op-ed by Christopher Leinberger, a professor at the George Washington University School of Business and a senior fellow at the Brookings Institution.
Also, check out these graphs from the op-ed - A Life of Walking vs. Driving.
"It’s important that developers and their investors learn how to build places that integrate many different uses within walking distance. Building walkable urban places is more complex and riskier than following decades-long patterns of suburban construction. But the market gets what it wants, and the market signals are flashing pretty brightly: build more walkable, and bikable, places."
We agree.
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