Marcus Hiles Discusses Klyde Warren Park’s Impact On Lease Rates

Marcus Hiles Discusses Klyde Warren Park’s Impact On Lease Rates
Marcus Hiles Discusses Klyde Warren Park’s Impact On Lease Rates

Almost immediately after the opening ceremony of Klyde Warren Park, the neighborhoods surrounding the deck park underwent dramatic changes, recalls Marcus Hiles. Since late 2012, rental rates on adjacent streets have more than doubled, with many new high-rises overlooking the open space set to drive prices even higher. In the bordering Arts District, prices have jumped from $19 to $25 per square foot, and on the north side of the park rates have increased an amazing 64 percent, from $22 to $36 per square foot. Only 5.4 acres in size, the influence of the park has been especially impressive when paralleled with the size of Chicago’s Millenium Park (24.5 acres) and New York City’s Central Park (843 acres). “I don’t think anyone could have predicted the impact,” said Phil Puckett, the executive vice president of the world’s largest commericial real estate firm, CBRE. “Having worked in the downtown and uptown markets for 25 years, I have never seen anything like it. Klyde Warren Park has become the city’s epicenter.”

Read more: https://www.yahoo.com/news/marcus-hiles-green-design-trends-100000841.html

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