The Three L’s: Location, Location, Livable Streets
Safe streets, pedestrian plazas, and bike lanes are good for commercial real estate. Via Crain’s:
The office market in New York is recovering fastest in districts where the city has made improvements to streets and public spaces, according to a recently released study by commercial real estate brokerage J. Liff Co.
Since the recession, the meatpacking district, between Ninth Avenue and the Hudson River, and the flatiron district along Broadway have seen the biggest upticks in rents and greatest decreases in availability rates, based on the firm’s analysis of data by CoStar Group Inc. Those areas have also experienced upgrades to streets, including new bike lanes and expanded pedestrian spaces.