It’s in the New York Times (or, it’s going to be this Sunday) so it must be true. A senior fellow at the Brookings Institution includes a Capitol Hill vs. Redmond data point in his opinion piece on the value of a “walkable, convenient place.” Now we know why all those “Eastside developers” want to build on Capitol Hill.
Although we have not studied all urban areas to the same degree, these findings appear to apply to much of the rest of the country. In metropolitan Seattle in 1996, the suburban Redmond area, home to Microsoft, had the same price per square foot as Capitol Hill, a walkable area adjacent to downtown, based on data from Zillow. Today, Capitol Hill is valued nearly 50 percent above Redmond.
Hopefully, the Hill didn’t lose too much socioeconomic value this week.