This article examines the effects of walkability on property values and investment returns. Walkability is the degree to which an area within walking distance of a property encourages walking for recreational or functional purposes. We use data from the National Council of Real Estate Investment Fiduciaries and Walk Score to examine the effects of walkability on the market value and investment returns of more than 4,200 office, apartment, retail and industrial properties from 2001 to 2008 in the United States. We found that, all else being equal, the benefits of greater walkability were capitalized into higher office, retail and apartment values. We found no effect on industrial properties. On a 100-point scale, a 10-point increase in walkability increased values by 1–9%, depending on property type. We also found that walkability was associated with lower cap rates and higher incomes, suggesting it has been favored in both the capital asset and building space markets. Walkability had no significant effect on historical total investment returns. All walkable property types have the potential to generate returns as good as or better than less walkable properties, as long as they are priced correctly. Developers should be willing to develop more walkable properties as long as any additional cost for more walkable locations and related development expenses do not exhaust the walkability premium.
Brown, B. B., Werner, C. M., Amburgey, J. W., & Szalay, C.
Guided walks near a light rail stop in downtown Salt Lake City, Utah, were examined using a 2 (gender) × 3 (route walkability: low- mixed-, or high- walkability features) design. Trained raters confirmed that more walkable segments had more traffic, environmental, and social safety; pleasing aesthetics; natural features; pedestrian amenities; and land use diversity (using the Irvine-Minnesota physical environment audit) and a superior social milieu rating. According to tape-recorded open-ended descriptions, university student participants experienced walkable route segments as noticeably safer, with a more positive social environment, fewer social and physical incivilities, and more attractive natural and built environment features. According to closed-ended scales, walkable route segments had more pleas- ant social and/or environmental atmosphere and better traffic safety. Few gender differences were found. Results highlight the importance of under- standing subjective experiences of walkability and suggest that these experiences should be an additional focus of urban design.
Rioux, L., Werner, C. M., Mokounkolo, R., & Brown, B. B.
Research indicates that people are drawn to green spaces with attractive amenities. This study extends that finding by comparing walking patterns in two neighborhoods with different numbers of parks; parks did not differ in rated attractiveness nor did neighborhoods differ substantially in rated walkability. Adults, aged 32e86 years (n 1⁄4 90), drew their 3 most recent walking routes on maps of their neighborhood. Analyses showed that participants’ round trips were longer by 265.5 m (0.16 mile) in the neighborhood with a single, large, centrally located park (p < 0.02). However, participants in the neighborhood with multiple, small, more distributed parks, visited more streets, p < 0.001, more streets with green spaces, p < 0.038, and used more varied routes, p < 0.012. Results suggest there are potential benefits to both layouts. Large centralized parks may invite longer walks; smaller, well-distributed parks may invite more varied routes suggestive of appropriation and motivation processes. Both layouts might be combined in a single neighborhood to attract more walkers.
The main objective of the present quasi-experi- mental study was to examine the influence of culture (Swedish vs Japanese) and environmental attitude (urban vs open-air person) on participants’ thermal, emotional and perceptual assessments of a square, within the PET (physiological equivalent temperature) comfortable inter- val of 18–23°C. It was predicted that persons living in different cultures with different environmental attitudes would psychologically evaluate a square differently despite similar thermal conditions. Consistent with this prediction, Japanese participants estimated the current weather as warmer than did Swedish participants and, consistent with this, they felt less thermally comfortable on the site, although participants in both countries perceived similar comfortable thermal outdoor conditions according to the PET index. Compared to the Japanese, the Swedes estimated both the current weather and the site as windier and colder, indicating a consistency in weather assessment on calm-windy and warm-cold scales in participants in both cultures. Furthermore, Swedish participants felt more glad and calm on the site and, in line with their character (more glad than gloomy), they estimated the square as more beautiful and pleasant than did Japanese participants. All this indicates that thermal, emotional and perceptual assessments of a physical place may be intertwined with psychological schema-based and socio-cultural processes, rather than fixed by general thermal indices developed in line with physiological heat balance models. In conse- quence, this implies that thermal comfort indices may not be applicable in different cultural/climate zones without modifications, and that they may not be appropriate if we do not take into account the psychological processes involved in environmental assessment.
This study investigates outdoor recreation participation within a multifunctional landscape, a UNESCO Man and Biosphere Reserve. The reserve, the Kristianstad Vattenrike located in southern Sweden, has made a deliberate effort to make the experience of biodiversity possible for residents and visitors. Recreation is a key part of the biodiversity conservation effort in the area, represented by the infrastructure of the Kristianstad Vattenrike's 21 visitor sites. Given the biosphere reserve context, this study investigates the question of whether there is a relationship between outdoor recreation participation and place attachment. Survey data was collected using concurrent application of multiple sampling strategies including both probability and purposive sampling of local adult residents of the biosphere area. Quantitative analysis showed a significant positive relationship between the level of outdoor recreation participation and place attachment. Qualitative data supported this relationship with more details about place attachment within the studied area. The study confirms a relationship between place attachment and outdoor recreation and provides insight into how the biosphere reserve context supports this relationship. The results of this study show that significant biodiversity management in close conjunction with outdoor recreational opportunity can be achieved and provides opportunities for human engagement and experience of biodiversity. Management Implications: This research can help managers design recreational settings that support biodiversity conservation goals. Our research found that: • A leading motivation for outdoor recreation participation is nature experience and this motivation can be used by managers to highlight a biodiversity conservation interpretive message in the design of outdoor recreation infrastructure. • Providing proximate access to nature based outdoor recreation, to support deliberate and direct experience of biodiversity, is an important component of engaging the public in biodiversity conservation. • Recreation proximity alone will not create public engagement in biodiversity conservation. However, proximity as a part of a deliberate institutional design including biodiversity conservation, sustainable development, and logistic support for research and monitoring may be critical for public engagement.
