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Transit-served submarkets command higher premiums than walkable and tech geographies

​Transit-served submarkets represent 37.3 percent of office inventory nationally and with demand for centrally located, quality product strong from a variety of sectors, this space has seen sustained rent growth and rents now command a 79.5-percent premium over submarkets without public transportation. At $45.57 per square foot, space in these submarkets is also more expensive than the average for walkable and tech-driven submarkets.

The relative lack of product, low vacancy and growth in creative sectors that drives demand for this space will keep it as some of the most highly valued office product over the long-term. As migration to more accessible assets continues from tenants, owners of space elsewhere will need to improve amenity offerings to compete.

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