April 5, 2017
New data from JLL shows that office markets with good access to public transportation can command as much as a 30% or higher rent premium over those without. Buildings within those markets are powerful draws for companies who seek to provide access to public transit options for employees.
Bay Area location decisions based on proximity to transit is helping to drive occupancy rates up too. JLL found that office occupancies in transit-served markets are 3% higher than other markets.
The company looked at how rents compare around the Bay Area. It found that in two East Bay markets with BART stations, downtown Walnut Creek and downtown Pleasant Hill, rents stood at $44-per-square-foot. The average East Bay suburban rent is $32.51-per-square-foot. That’s a 35% premium being paid to be closer to BART.
It is not surprising to find investors also being attracted to those kinds of numbers when making investment decisions, says JLL.
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