Cycle Industry News)
Study tells real estate developers building for walking and cycling is good for business
November 11, 2016 Mark Sutton
A study by the Urban Land Institute has found that real estate developers will very often see huge returns on investments in walking and cycling infrastructure.
Focusing on active transportation, the analysis looks in detail at development proximity to cycling and walking infrastructure. Echoing previous studies (linked here), the researchers discovered increased overall retail spend, as well as property price increases in the vicinity of people friendly pathways.
The report begins: Fifty percent of U.S. residents say that walkability is a top priority or a high priority when considering where to live, according to the Urban Land Institute’s America in 2015 report, and, according to the U.S. Census, bicycling has become the country’s fastest-growing form of transportation for commuters.
Citing examples around the world, including Singapore – where developers are now required by law to build in active travel links – examples include the finding that properties within 1/4 of a mile of Philadelphia’s Circuit Trail network were on average valued at $69,000 higher than others in the area. Meanwhile in Montreal, home values increased by CA$8.649.80 after the installation of bike share locally.
Other findings within include:
- A 2014 study in Indianapolis found that property within a block of the 8 mile Cultural Trail rose 148% in value. This trail cost just $63.5 million, leading the city to declare it an “economic boon”.
- In Texas the same occurred, with home values soaring 80% upon the installation of the 3.5 mile Katy Trail in Dallas.
- Nationwide: pointing to the CEOs for Cities study, the research flags that houses found in areas with above average active travel levels are typically worth up to $34,000 more than similar residential plots.