When searching for a place to live or work in Atlanta, access to transit is far from a given. Which is too bad, because the value of proximity to transit is really beginning to show, researchers have found.
According to a new report by international real estate services giant Cushman & Wakefield, properties near MARTA rail stations are pretty much dominating the Atlanta market.
Office space within a quarter-of-a-mile of rail stations in downtown, Midtown, Buckhead, and Perimeter Center encompass a staggering 50 million square feet of space. The study found that rents for those offices trend higher than offices not proximate to rail stations.
The same holds true for apartments near transit, which boast rents 20-percent higher than those not within walking distance of a train station.
For those who keep up with transit-oriented development and real estate, the news really comes as no major surprise. After all, northside cities like Sandy Springs on the Red Line and Chamblee on the Gold Line are enjoying major growth around their MARTA stations.
Given the success of current (and some would say paltry) rail infrastructure, if Atlantans vote to expand MARTA this fall, the benefits could spread across more of the city.
- The Emerging "MARTA" Market [Cushman & Wakefield]