01595999

Component

https://doi.org/10.3141/2500-13

It seems an article of faith that because ridership catchment receives the largest share of riders within the first 0.5 mi (0.80 km), the design of transit-oriented development should be limited to 0.5 mi (0.80 km). But design of transit-oriented development requires another consideration: how the commercial real estate market responds. Unfortunately, much of the research into the commercial real estate value or rent premiums associated with transit station proximity is designed to reinforce the 0.5-mi (0.80 km) presumption. This paper reviews the literature and implications of ridership studies and research into commercial value and rent premiums with respect to distance from a transit station. The paper then reports research into transit station–related office rent premiums in the Dallas, Texas, metropolitan area. To the authors’ knowledge, this study is the largest of its type undertaken on this question. Among the findings are that the premium extends 1.85 mi (2.98 km) from transit stations, with 25% of the premium—not a trivial amount—existing to 0.93 mi (1.50 km), with higher shares closer to the stations. The paper offers a reconsideration of both worker-based ridership and research on commercial real estate premiums to suggest that planning areas for transit-oriented development may extend beyond 0.5 mi (0.80 km), perhaps to 1 mi (1.61 km).

01595984

15-4818

English

0000-0002-4117-3456

0000-0002-9362-014X

pp 110-115

2015

Transportation Research Record: Journal of the Transportation Research Board

9780309369558

Print

Figures; References; Tables

Light rail transit; Office buildings; Rent; Ridership; Transit oriented development

Dallas (Texas)

Economics; Planning and Forecasting; Public Transportation

TRIS, TRB, ATRI

Apr 13 2016 2:13PM

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