U.S. submarkets with public transportation outperform the national office market for vacancy, rents and development levels. The reason? More and more workers are demanding offices served by public transportation and so are companies to recruit and retain talent.
This shift in market dynamics coincides with the push for more public transportation infrastructure by voters and elected officials across the country. Take a look at some of the largest public transportation projects across the United Sates.
2. Measure M, Purple/Expo/Crenshaw Lines
Los Angeles, CA
On November 8, 2016, Measure M passed in Los
Angeles with 69.8 percent on the vote.
Measure M will fund a northern extension of the
Crenshaw Line to West Hollywood, as well as a
broader improvement in the Sepulveda Corridor.
1
$61.5B
in transportation
operations and expansion
40
years
over
3. Transbay Terminal, Central Subway
San Francisco, CA
Transbay Terminal sits at the heart of a broader
redevelopment area with deliveries expected in
early 2020s:
The Central Subway will provide increased rail
transit in the heart of city, easing commutes
from Silicon Valley and the Peninsula and further
encouraging reverse commuting.
2
$6.0M+
square feet of office space
4,400
residential units
100K+
square feet of retail space
1,000
hotel rooms
4. ST2, ST3
Seattle, WA
In 2008 and 2016, Puget Sound voters passed ballot
measures known as ST2 and STC to increase funding
for long-term transportation projects at the local level.
Through 2040, these two measures would expand light
rail service by roughly 41 miles.
3
8.5%
metro population
growth since 2010
12.5%
Seattle proper population
growth since 2010
5. FasTracks
Denver, CO
Denver enacted FasTracks in 2004 to ultimately build
122 miles of new rail lines, as well as complementary
bus rapid transit through 2020.
These lines will ease flow into the Downtown core and
fringe and provide connections to Denver International
Airport, as well as the fastest-growing northern and
southern suburbs.
4
10.7%
metro population
growth since 2010
6. Brightline
Miami, FL
The Florida East Coast Railway is investing in Brightline,
a higher-speed regional rail service connecting Miami,
Fort Lauderdale and West Palm Beach with a potential
expansion to Orlando.
MiamiCentral will be come the largest public
transportation facility in South Florida.
5
28K
square feet of office space is
currently under construction
at Miami Central
7. T-SPLOST, MARTA referandum
Atlanta, GA
In an effort to combat congestion and improve local
mobility, Atlanta voters approved a T-SPLOST, a 0.4-
cent sales tax, in November 2016. On the same day,
voters across the larger metro area agreed to implement
a half-cent sales tax to fund MARTA expansion.
6
$3.3B
combined funding
8. Silver Line
Washington, DC
The Silver Line represents the longest extension of the
Washington Metro system since the completion of the
original system plan in the early 2000s.
The Line will run parallel to Dulles Toll Road, which is
the center of the Northern Virginia economy and home to
a significant number of its largest employers.
Its construction has already catalyzed millions of
square feet of office development, including the
extension of Reston Town Center and the urbanization
of Tysons Corner.
7
11.7
miles in Phase 1
11.5
miles in Phase 2,
scheduled to open in 2019
9. Second Avenue Subway, East Side Access
New York, NY
The first phase of the Second Avenue Subway opened
after a decade of construction on January 1, 2017.
The full Second Avenue Line, if and when funded, is
planned to be built in three additional phases.
8
200K+
projected daily riders
3
new stations between
96th and 63rd Streets
8.5
miles long
16
stations
560,000
projected daily riders
$17B
development costs
10. ยฉ 2017 Jones Lang LaSalle IP, Inc. All rights reserved. The information contained in this document is proprietary to JLL and shall be used solely for the purposes of evaluating this proposal. All such
documentation and information remains the property of JLL and shall be kept confidential. Reproduction of any part of this document is authorized only to the extent necessary for its evaluation. It is not
to be shown to any third party without the prior written authorization of JLL. All information contained herein is from sources deemed reliable; however, no representation or warranty is made as to the
accuracy thereof.
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