The Perfect Storm

As real estate professionals it is no secret to us that the metropolitan areas in which we practice our trade have been designed around an automobile/cheap gas model. Today, as we face the consequences of global warming, record high oil prices, increasing corn prices and the resulting and cumulative affects from each of these issues we need to rethink where and how we live, work and play.

In a recent Brooking's Institute study the Cincinnati metropolitan area is cited as one of the highest carbon emitting areas in the United States. The report also cites that transportation related carbon emissions accounts for 39% of carbon pollution, the balance of which is caused primarily by residential and commercial building operation and use.

The cumulative affect of unbridled growth, road congestion, limited public transportation options and buildings and homes which are far from green has created "The Perfect Storm" when you add rising oil prices into the equation. How can the real estate community create value and make the Cincinnati area a highly desired location in which to live and work ?

1. Drive less, look for public transportation options;
2. Design new buildings or rehabbed buildings as environmentally friendly green buildings;
3. Encourage our city planners to design roadways incorporating bicycle lanes and mass transit lanes;
4. Encourage our public leaders to increase the taxes collected for parking and fuel consumption; rather than build new roads, invest in alternative transportation;
5. Educate our clients on the long term benefits of operating their businesses within I-275 and closer to the urban core where there is ample supply of labor and transportation options for the same; and
6. Encourage our public leaders to draft legislation to encourage all of the above.

We must strengthen our cities by halting urban sprawl. We must grow our cities up not out. We must give our citizens the means to commute to their jobs in a reliable and cost efficient manner. As all of these suggestions develop and come together the value of real estate within I-275 will naturally increase. Make no mistake about it, we all pay the indirect subsidies to maintain the cities and roads which we have built to service them. We need to reallocate our collective resources and look inward again.

What is it Going to Take ?

On June 10, I attended the Cincinnati Streetcar Forum at the University of Cincinnati. While listening to the speakers I concluded that regardless of how long it will take to build a streetcar system and perhaps even a light rail system, any of us who can should get out of our cars as much as possible. Ride public transportation or use alternative forms of transportation or just car pool with our neighbors and colleagues. I am fortunate that I work in the central business district which is well served by Metro. While not a stranger to Metro, Tank or the Chicago Transit Authority, I fell into the habit of convenience and the desire to maintain my individual schedule. Having been a rider of public transportation for years; I am a currently a regular bus and train rider when working in our Chicago office or traveling to other cities. I have also taken to Megabus to travel between Chicago and Cincinnati. So, my Cincinnati commuting experiment begins on July 1 as I give up my parking pass in the 600 Vine Garage and split my commute between Metro and my scooter. I hope you consider joining me !