Many of Brooklyn’s wonderful neighborhoods are booming. Property values are rising, new developments are everywhere and young professionals are transforming our borough like never before.
One key factor in the growth and popularity of Brooklyn as a place to live, work, raise a family and find endless cultural and culinary options is walkability.
Realtors across the U.S.have watched this shift in growth and popularity from Suburban areas to urban areas for the first time in decades. Properties in high density areas, meaning areas with many housing options, more mixed use real estate with retail and services and numerous transportation options are commanding higher rents and increasing values and higher sale prices.
Retail, Office space and multifamily rentals in urban areas are capturing as much as a 60% higher rental than in the suburbs.
A study conducted by the Center For Real Estate and Urban Analysis at George Washington University School of Business points out that this trend toward urban development, density and downtown living is taking place in 30 of the largest metro areas in the U.S. with New York City on top of the list!
Other data from Curbed.com shows that cities with the highest level of walkable urbanism are the most educated, wealthy and also the most socially equitable. Walkable space encourages equity because it provides more access to employment and easier commutes to jobs, lowering transportation costs.
If you are planning to sell your Brooklyn property, whether a residential property, a commercial building, mixed use, multifamily, vacant land, co-op or condominium or a development opportunity, call us. You will be very happy that you did.
Accord Real Estate Group