Further development may help commercial market

Improved construction can help improve walkability in metropolitan areas.

An expert panel recently explained that cities are increasing development of multiple commercial property types, and this has aided in the creation of a more walkable atmosphere that is accessible for consumers, according to MultiFamily Executive.

The panel, which convened at the Real Estate Market Conference at George Washington University, showed that more cities are taking Washington, D.C.'s approach to commercial development. This includes improving the ratios of residential, commercial and retail properties in order to make the city easier for consumers to travel on foot to take care of their everyday needs. One expert stressed that this type of development could help rents for multifamily properties rise, considerably.

"Walkability does limit the size of an area so density goes up," said Richard Green, director of the Lusk Center for Real Estate, according to the news source. "But, developers have to make decisions now and [indicators show] that place management with walkability increase value."

This trend may be something that property management companies will want to keep in mind, as the development strategy may be spreading through multiple areas.

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