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Does downtown office property perform better in live–work–play centers?

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  • Emil Malizia
  • Yan Song

Abstract

Live–work–play (LWP) centers in US metro markets are attracting young workers and employers, and downtowns are the locations often providing LWP. These centers are compact, diverse, mixed-use, and walkable places that improve economic, environmental, fiscal, public health, and social outcomes. This empirical analysis examines the dimensions and features of LWP centers, considers alternative LWP measures, and determines whether real estate performance increases when LWP centers improve. We find that downtown office rents are higher and capitalization rates are lower in better LWP centers ceteris paribus. However, the expected cap rate relationship is not statistically significant.

Suggested Citation

  • Emil Malizia & Yan Song, 2016. "Does downtown office property perform better in live–work–play centers?," Journal of Urbanism: International Research on Placemaking and Urban Sustainability, Taylor & Francis Journals, vol. 9(4), pages 372-387, October.
    • Handle: RePEc:taf:rjouxx:v:9:y:2016:i:4:p:372-387
    DOI: 10.1080/17549175.2015.1056212
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    Cited by:

    1. Wei Li & Kenneth Joh, 2017. "Exploring the synergistic economic benefit of enhancing neighbourhood bikeability and public transit accessibility based on real estate sale transactions," Urban Studies, Urban Studies Journal Limited, vol. 54(15), pages 3480-3499, November.
    2. Austin Dziwornu Ablo & Bjørn Enge Bertelsen, 2022. "A SHADOWY ‘CITY OF LIGHT’: Private Urbanism, Large‐Scale Land Acquisition and Dispossession in Ghana," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 46(3), pages 370-386, May.

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