TOD biggest trend of century, says new report
“Transit Oriented Development (TOD) has emerged as the most substantial development trend of the early 21st century, according to real estate experts.
Releasing a new report exploring the consequences of rapid population growth in ten major North American cities, Cushman & Wakefield’s industry-leading Americas Research group noted that the majority of new commercial development, as well as residential development, in metro areas today is transit oriented.
Paula Munger, Americas Research Director for Cushman & Wakefield, said, “The report seeks to shed light on the issues shared by all cities undergoing explosive urban growth and how commercial real estate developers are stepping up to the plate to ensure their properties are accessible to workforces of tenants who want to locate in these exciting markets.”
The new report — entitled “Urban Development: Faster Greener Commutes Key to Sustained City Growth” — examins issues such as intensified gridlock and slow commutes that impact work productivity and quality of life, along with the transit-oriented developments helping to relieve congestion and support growth.
The cities covered in the report are Mexico City, New York, Los Angeles, Chicago, Toronto, Washington D.C., Miami, Atlanta, Boston and San Francisco.
For investors and developers, who are contributing to urban growth by building properties close to tenant talent pools, the business case for improving accessibility is clear.”
Real Estate Weekely 15 October 2014.