Houston — Transwestern released a new report outlining some of the most prominent infrastructure projects currently underway throughout the country. “Cranes and Lanes: The Link between Infrastructure and Commercial Real Estate” examines how cities making these massive investments will likely experience rent growth and increased occupancy in their respective markets.
While there is general consensus that U.S. infrastructure has long been underfunded and underdeveloped, Transwestern researchers point to a number of cities that have embarked on work that will reshape their markets and boost the local commercial sectors. The effect spans office, industrial, retail, hospitality and/or multifamily, depending on the focus of the project.
Brian Landes, GIS expert and the report’s author, said, “Cities have recognized that in order to stay competitive and generate economic development, the city’s infrastructure must keep up. While projects analyzed in the report run the gamut from new stadiums to reworked interchanges to entirely new districts, they do have one thing in common: a relatively certain boost in rents and occupancy.”
The report cites examples from numerous markets, explaining each infrastructure project as well as the commercial real estate sectors most likely to be impacted when work is complete:
- Atlanta – I-285/GA-400 Interchange and SunTrust Park
- Boston – Seaport Square
- Chicago – O’Hare Airport Modernization
- Houston – Grand Parkway
- Los Angeles – Metro Line Extensions and Middle Harbor Terminal Replacement
- New Jersey – New Jersey Turnpike Widening
- New York City – Hudson Gateway Project, Hudson Yards and LIRR East Side Access
- San Francisco – Transbay District and Oakland Global Trade & Logistics Center
- Washington, D.C. – Silver Metro Line
“Cities have big decisions to make regarding when and where to make infrastructure investments, but the more progress made on this front, the more we’ll see commercial property markets contributing to a vibrant economy,” Landes said.
Read the full report at http://twurls.com/cranes-lanes.