This article examines the effects of walkability on property values and investment returns. Walkability is the degree to which an area within walking distance of a property encourages walking for recreational or functional purposes. We use data from the National Council of Real Estate Investment Fiduciaries and Walk Score to examine the effects of walkability on the market value and investment returns of more than 4,200 office, apartment, retail and industrial properties from 2001 to 2008 in the United States. We found that, all else being equal, the benefits of greater walkability were capitalized into higher office, retail and apartment values. We found no effect on industrial properties. On a 100‐point scale, a 10‐point increase in walkability increased values by 1–9%, depending on property type. We also found that walkability was associated with lower cap rates and higher incomes, suggesting it has been favored in both the capital asset and building space markets. Walkability had no significant effect on historical total investment returns. All walkable property types have the potential to generate returns as good as or better than less walkable properties, as long as they are priced correctly. Developers should be willing to develop more walkable properties as long as any additional cost for more walkable locations and related development expenses do not exhaust the walkability premium.

The triple bottom line refers to economic, environmental, and social value of an investment and is related to the concept of sustainable development. The triple bottom line is increasingly salient to economic development related disciplines, yet the topic has received little attention within the field of economic development. This study offers three substantive responses to that gap. First, triple bottom line economic development is introduced and defined. Second, research regarding whether and how practitioners prioritize and engage in triple bottom line economic development is presented. Third, implications for the field are considered, including the centrality of the concept to economic development and recommendations to advance theory and practice in this regard.

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Property is an important part of modern economies with signifi cant social and environmental consequences. As a result, practitioners and scholars have begun focusing on the social responsibility and sustainability of property investors. This paper expands that work by examining Responsible Property Investing among investment organizations in the United States. Responsible Property Investing is defi ned as efforts that go beyond compliance with minimum legal requirements to better manage the environmental, social, and governance issues associated with property investing. A survey of senior American executives fi nds that most organizations are going beyond com pliance, implementing management strategies and investing in properties that are consistent with Responsible Property Investment principles. Most executives also place their organization beyond compliance in a Responsible Property Investing stage model. Business concerns are the leading drivers and impediments. Among the various types of organizations studied, pension funds, foundations and endowments lag behind others in implementing Responsible Property Investing. Copyright

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