By: Walter Bialas
Several of our team, across brokerage, labor analytics, GIS, and research are now evaluating the near- and longer- term impacts of the growth coming to Legacy.
While this work is still in process, the chart below looks at greater Legacy and benchmarks growth for office, retail, and multifamily. Based on our analysis, we can quantify that the new development will bring 20,000 jobs over the near-term, which could increase to as many as 30,000 at full occupancy for the current development pipeline.
Part of Legacy’s challenge is that much of the development has been recent, ramping up very fast over only the last 10 years. In fact, almost half of the office inventory has come online since 2004. This rapid run-up has made traffic a growing concern for the 88,000 daytime employees working in greater Legacy – and made finding and implementing traffic / transit solutions a luxury. With guaranteed growth coming, however, this future planning is now a necessity.
As our project, which will touch commercial and residential development, traffic, and labor comes together, we will let you know the results.