Transport Databook
5 weeks ago
...We made an unbelievable video about a traffic jam in Lagos, which is really scary because the sheer pressure makes everything liquefy. There are these jams that are mostly buses — rivers of yellow trying to go through arteries that are too narrow. Huge trucks — almost everything is public transport and trucks — really colliding and squeezing. And in between them, there are these people — almost like cement. According to the myth, they are dismantling the vehicles that are in the jam. Not only are you stuck in the jam — you're also being disassembled. Maybe that's the only solution to the jam. So it's not just a traffic jam. It's actually a traffic jam turning into a car market, turning into spare parts turning into a smoldering ruin. All in consecutive phases. It's really about metabolism and flows and scale. And unbelievable organization.
Specialization within the real estate industry
Over the past six decades the real estate finance and development industries have become increasingly specialized in single-use development formats. The evolution of the industry can be traced through the Community Builders Handbook series published by the Urban Land Institute (ULI), the real estate industry's leading non-profit think tank on urban land use and development. The original Community Builders Handbook, published in 1947, presented the collective wisdom and experience of leading developers of mixed-use master planned communities, including ULI founders such as J.C. Nichols, the developer of the Country Club District and Country Club Plaza in Kansas City. Subsequent handbooks focused on ever more narrow segments of the real estate industry: subdivisions (Residential Development Handbook), shopping centers (the Shopping Center Development Handbooks but also other handbooks for factory outlet centers and urban entertainment centers), office and business parks (Business Park and Industrial Development Handbooks), and residential segments (e.g., condominiums, multi-family housing and workforce housing).
Real estate analyst Christopher Leinberger has written that the development industry is now focused on building the same nineteen real estate product types in every community in America. These generally represent single-use, stand-alone properties with floor-area ratios from 0.1 to 0.4 (i.e., where buildings cover only between 10-40 percent of a total site area, and the rest is devoted primarily to parking). These standardized product types have been refined by the industry over many decades, making them relatively easy to finance, build, lease and sell. In recent years the growth of real estate investment trusts (REITs) have transformed these real estate properties into commodities that can be bundled and traded as investment portfolios.
Together with a lowering of interest rates, such commoditization has provided much of the basis for the present U.S. building boom. Clearly, these development products have been successful at meeting the functional needs of businesses and consumers, and such development now pervades the fabric of our metropolitan areas. Yet, the staunch opposition to growth in communities nationwide also reveals that satisfying basic functional needs is not enough. While the real estate industry has become very good at building these single-use, automobile-oriented projects, the projects themselves are not very good at building communities. Ad hoc aggregations of single-use projects have proven to be ill suited for building communities that are socially diverse, environmentally sensitive, and economically sustainable.