A new Massachusetts Bay Transportation Authority subway station is bringing new residents to a once downtrodden suburb of Boston. Homes, hotels, offices, restaurants and a massive healthcare facility were built in the area to lure an influx of young workers.
The New York Times reports that developers are building near rail stations because young adults have a propensity to prefer walking and public transit instead of driving. Transit-oriented developments now have an advantage over traditional suburban office parks when companies are looking for space.
Office buildings near transit centers are able to fetch rents 80 percent higher than those that are not.
The growing number of transit-oriented developments has spurred rail projects in markets of all sizes. Areas that have experienced development near new rail systems or station openings include Fulton Market in Chicago; downtown Kansas City, Mo.; Austin, Tex.; and the RiNo neighborhood of Denver, to name a few.
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