by Evan Santos, Partner Relations at RealMassive
As urban commercial real estate markets continue to see growth, the concept of “walkability” is playing a critical role in the evaluation of new opportunities. Today, walkability is a well known concept. The benefits of walkability are well documented and range from reducing greenhouse gases emissions to improving public health; but it is really the economic story that has pushed walkability into the real estate limelight.
Walk Score, launched in 2007, has become the industry standard index for evaluating the walkability of a specific property. It is an excellent tool for tenants, investors and developers to compare property locations with respect to how pedestrian-friendly they are. Walk Score utilizes Google data to locate stores, dining facilities, entertainment venues, parks, etc. within walking distance of a particular address and assigns a “Walk Score” of 0-to-100 based on proximity.