Development Efforts Lacking in CBDs
The lack of affordable housing options continues to drive working Americans out of the cities, and even out of a home as new residential construction is too little and too pricey to fill the demand gap.
DALLAS—Research of CBD construction activity, as well as a survey that gauges what developments are most desirable to the local urban population, has been released by CommercialCafé. This survey of individuals living and/or working in these 25 cities asked what residents want in urban cores, what cities are lacking and what would be the most beneficial transportation development or improvement.
The research shows that recent development efforts have failed to address the needs and wants of the citizens living and working in these cities. The lack of affordable housing options continues to drive working Americans out of the cities, and even out of home ownership. Simply put, new residential construction is too little and too pricey to fill the demand gap.
Some 82% of all respondents chose housing and homeless shelters as the most needed development projects, while 77% chose housing and parks as the most desired additions to the city. Urban sprawl has become a notable strain on residents, infrastructure and local budgets, and is far behind the sustainable, compact, walkable communities that Americans are currently seeking.
Consider Dallas. Though the city has grown by more than 8.5 million square feet in the past five years, it’s looking at 86.3 development-ready acres of land in its central business district alone, with more than 1 million square feet of office and 1384 residential units expected to break ground in the near future, GlobeSt.com learns.
“Even with construction pushing inventory numbers up, downtown Dallas’ development potential is yet to reach full blast and its denizens certainly think there’s room for more, especially when it comes to housing, homeless shelters, parks and medical facilities,” Adel Dobriban, communications specialist, Yardi Matrix, tells GlobeSt.com.
Walkability is the top infrastructure improvement highlighted in all 25 cities, with subway upgrades and bike lanes following suit. Dallas locals indicated they would rather ride a bike than walk, take the bus or drive, GlobeSt.com learns.