Impact of active travel facilities on lettability and value of office properties: a research plan and preliminary findings

Active travel continues to gain increasing policy attention and wider acceptance, especially in cities with strong commitment to environmental sustainability. Over the last decade, the promotion of active travel has moved from the fringes of urban transport policy to a much more central role in the planning of cities and their transport networks. Active or sustainable travel, as an alternative to motorised transport modes, is considered an efficient means of reducing energy consumption and carbon emissions in cities while also helping active travellers to maintain quality health and wellbeing. Consequently, cities have continued to introduce policies as well as develop transport strategies that are aimed at ensuring adequate provision of active travel facilities (ATFs) in buildings. Commercial offices as workplace for a large proportion of the city dwellers, are expected to incorporate ATFs in their design to help in promoting active travel in cities. Active travel might be useful for achieving transport, health and green agenda, but its sustainability tends to depend on acceptance by property owners (who should provide relevant facilities) and occupiers (who should demand the facilities during letting). Property investors need to be convinced about the added-value potential of provision of ATFs in terms of lettability and rental value, and is a vital motivation for increased investment, which will help to sustain active travel agenda. However, there is a dearth of evidence whether making provision for ATFs is helping to raise the lettability and rental value of offices to justify their investment. Based on this premise, this study explores the link between active travel policies and the office property market, with a focus on facilities provision, lettability and attitudes of office owners and occupiers, using evidence from British popular bicycle cities. Preliminary findings from analysis of rent and building-specific data obtained from CoStar will be presented.