When commerce, industry, NGOs and governments alike invest in transit-first districts, there are many benefits that come for everyone involved. From enriching local communities with better access and opportunities to tax revenues that can be reinvested, excellent transit offers more than just a way to get from point A to point B. A well-designed transit strategy that includes local transport and alternatives such as cycling contributes to healthier and more vibrant places.
Higher Foot Traffic and Economic Activity
Commercial districts in particular generate much higher foot traffic and can be worth the extra investment because of this alone. As this typically means more people, the retail value cannot be underestimated. In addition, retail operators in these kinds of areas frequently partner with other services such as urban luggage storage, food kiosks and transport companies, to encourage longer visitor dwell times that can lead to higher discretionary spending overall.
Invest in Transit-First Districts for Property Value
You may be surprised to learn that property values in transit-oriented areas are between 4% and 24% higher than similar, but less accessible districts. There are some popular places where businesses enjoy the benefits of higher property value, with the UK as a specific example:
- Property values in London, specifically near Tube stations, are 9.7% higher.
- Homes within 500m of a train station in Glasgow are around £8,000 more.
- Manchester Metrolink adds a premium of up to 4% on nearby properties.
High-Density Development Potential
Opening up a space to excellent transport links acts as a hub for local commerce and residential development alike. There is so much potential to be unlocked in most places that is yet untapped, and transit-first areas help to unblock the reservoir of opportunities that businesses, industry and residents need. One of the most compelling reasons is the efficient use of available land that supports developments across all sectors and helps with the housing shortage.
Reduced Transport Costs for Local Residents
Lower-income areas often lack the support of solid and reliable transport links, even urban areas a few miles from city centres that are underdeveloped, suburban districts that don’t get the same investment, and, of course, rural communities. With rich transport options, the horizons for communities that have been historically left behind begin to broaden, with reduced costs that include reasonable fares for public transport, and reduced need to purchase a car.
Invest in Transit-First Districts to Access Talent
In the UK, the average cost of hiring a new employee ranges between £3,000 and just over £6,000, but can rise to almost £20,000 depending on specialist skills. Factor in that the office environment has put off a third of young people from filling traditional roles, and it can become expensive and time-consuming to find and retain talent. However, businesses can expect easier access to skilled workers in transit-rich areas as the employment pool is open to local workers.
A diverse talent pool
Low income groups especially benefit from rich transit hubs, as they provide reliable commuter options, making it easier for workers and allowing businesses to tap into the local space.
Business and people together
Businesses and people come together when there are ample transit opportunities that can act as a magnet for skilled professionals and in coveted sectors such as finance, tech and creative.
Reduced commuter barriers
Not owning a car can be a barrier for people in the lower income bracket, and transit hubs open up opportunities for workers to accept roles in distant places.
Prioritising public transit, walking, and cycling immediately introduces better access to talent through dense and more accessible environments. As such, these areas attract skilled workers to fill roles at a distance and improve the quality of life through alternative transport choices.
Massively Reduced Carbon Footprints
Environmental sustainability is a core part of most modern businesses today. With an investment in reliable transit options, companies can directly contribute to reducing the overall carbon footprint of an entire district rather than their own internal metrics. As such, carbon emissions can be slashed, as per-mile passenger footprints are cut dramatically. And with an investment in services such as electric buses, this can be reduced even further for the area.
Reduced Traffic Congestion and Accidents
Most people don’t have an issue walking a couple of miles to work. Investing in high-density walking areas such as public parks, walkways and subways encourages people to walk more, contributing to a healthier lifestyle. However, this also helps reduce road traffic as there are likely to be fewer vehicles. Even further, the fewer vehicles there are, combined with safer walking spaces, there is also a much lower chance of road traffic accidents from occurring.
Invest in Transit-First Districts for Livability Reasons
Obesity levels are much higher than most people think, with over 70% men and 60% of women classed as medically obese or overweight in the UK. An emphasis on walkability and active transport, such as cycling, will help promote a healthier lifestyle with benefits for businesses:
- Employees who exercise and eat well have more energy, focus and cognition.
- Healthier teams are much less likely to be absent from their role in the workplace.
- Encouraging wellness equips workers with the skills to handle workplace stress.
Higher Returns on Infrastructure Investment
Governments, councils and private investors alike will typically want to see a return on their investment into rich and sustainable transit. The opportunities and enrichment of local communities are pretty much priceless, as exemplified by Liverpool City Region’s transport revolution happening right now. However, that has come at a cost of £1.6 billion, which seems like a high price, yet the potential savings to other infrastructure are estimated to be 25%.
Summary
An increase in foot traffic and more economic activity are two of the greatest rewards that businesses, communities and councils can expect when they invest in transit-first districts. However, excellent transport links create opportunities for people too, and companies can more easily acquire and retain local talent. But of course, there needs to be some return, and cities like Liverpool are finding that investment in transport is saving money on other infrastructure.
