13 March Taking Steps to Improve Your Property’s Walkability March 13, 2024 By Melisa Rana Property Investment, Property Maintenance, Property Management apartment, business tips, commercial landscaping, commercial real estate tenants, exterior maintenance, retail space 0 TAKING STEPS TO IMPROVE YOUR PROPERTY'S WALKABILITY March 13, 2024 | Property Management, Property Maintenance, Property Investment | exterior maintenance, business tips, commercial landscaping, commercial real estate tenants, apartment, retail space Across commercial real estate sectors, various amenities rise and fall in prominence each year as investors track what attracts top-tier tenants and drives business. In the face of increasing urbanization where city center locations are in high demand, one property trait that's been steadily gaining attention is walkability. But what does it look like when a property has good walkability, and is there anything that owners and investors can do to improve this feature? Let's delve deeper into this subject to provide some clarity. What is Walkability? Walkability is an overarching term referring to a property's proximity to other businesses that serve its tenants and visitors, and to the number and quality of pedestrian-friendly characteristics present. For apartment buildings, this might include benches or bike racks around the exterior, and parks or grocery stores nearby. For office buildings, a coffee shop opening on the ground floor could be a prime example. The benefits of investing in walkability are numerous. It reinforces healthy habits, has positive environmental effects, and revitalizes communities. However, the real reason why walkability is becoming a bigger focus today is the trackable evidence it has on investors' pocketbooks. How Does it Impact Commercial Real Estate (CRE)? The importance of increasing general foot traffic for retailers is well-known, but walkability has shown to have an outsized impact on nearly all metrics of commercial real estate. A study conducted by the New York City Department of Transportation provides a compelling example: a Brooklyn street that invested in a new pedestrian plaza increased its retail sales by 172% during a period where the rest of the borough saw an 18% increase. The same study also cites improved bus lanes with increased retail sales and new bike lanes with fewer commercial vacancies. Elsewhere, higher walkability has also been linked with higher rents and overall property value, compared to properties in similar areas that didn't score well in walkability. Of course, these results aren't all that surprising. Millennials and younger generations have been moving to the city at higher volumes and staying for longer than ever before. While there was a sudden shift away from the city during the pandemic, many homebuyers are regretting their change in scenery and looking for a return to urban environments, as noted by analysts at Business Insider. As companies fight to attract top-tier talent and as families look to make their moves back into the city, walkable neighborhoods, accessible amenities, and welcoming communities may be crucial for success across the commercial real estate landscape. For those looking to increase the walkability of their property or business, location and proximity to other businesses are certainly a boon, but they don't have to leave everything up to circumstance. How Can a Property Improve its Walkability? There are a number of things owners, managers, and investors can do to promote walkability to and around their property, as well as create an overall more welcoming setting. First, mixed-use properties have been growing in popularity thanks to how some businesses naturally synergize. For multi-family property owners who have been hesitant to introduce businesses to some of their locations for the first time, take the increased walkability into consideration as well! Property managers can conduct a thorough review of their landscaping, identify any eyesores, and eliminate hazards that might deter visitors. If the property lacks navigable features, consider adding more outdoor seating or redesigning walk lanes with practicality and aesthetics in mind. In competitive markets, walkability is a rising priority, so keep this trait in mind for any future renovations and investments! Poor exterior maintenance can drastically reduce a property’s walkability. To stay in front of repair issues on your commercial property, and for all your commercial inspection needs, stick with National Property Inspections! Comments are closed.