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Value‐added effects of transit‐oriented development: The impact of urban rail on commercial property values with consideration of spatial heterogeneity

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  • Haitao Yu
  • Hao Pang
  • Ming Zhang

Abstract

This study investigates the impact of the Austin MetroRail on commercial property values. Spatial Durbin models (SDM) suggest a modest price premium associated with rail transit across the study area. A premium gradient is also presented at different distance tiers from stations. When it comes to transit‐oriented development (TOD), a synergistic effect in enlarging the premium is found: with additional $9.0/ft2, $8.6/ft2 and $5.3/ft2 at 0.25 mi, 0.25–0.5 mi and 0.5–0.75 mi, respectively. Furthermore, geographically weighted regression shows the premium is significantly higher in central business district (CBD) and TOD areas. Such recognition of the heterogeneous price effect is of use in the design of project financing and TOD strategies. Este estudio investiga el impacto del MetroRail de Austin en los valores de las propiedades comerciales. Los modelos espaciales de Durbin (SDM, por sus siglas en inglés) sugieren una prima de precio modesta asociada con el tránsito ferroviario en el área de estudio. También se presenta un gradiente en las primas a diferentes distancias de las estaciones. Cuando se trata de desarrollo orientado al tránsito (TOD, por sus siglas en inglés), se observa un efecto sinérgico en el aumento de la prima: de 9,0, 8,6 y 5,3 USD/pie2 a una distancia (en millas) de 0,25, 0,25–0,5 y 0,5–0,75, respectivamente. Además, una regresión ponderada geográficamente muestra que la prima es significativamente mayor en las áreas del distrito central de negocios (CDB, por sus siglas en inglés) y de TOD. Este reconocimiento del efecto heterogéneo de los precios es útil en el diseño de financiamiento de proyectos y estrategias de TOD. 本稿ではAustin MetroRail(オースティンの鉄道システム)の商業用不動産価格に対する影響を検討する。空間ダービンモデル(Spatial Durbin models:SDM)から、検討対象の全地域において、鉄道運行に関連するわずかな価格プレミアムがあることが示唆される。駅からの距離別に、プレミアム勾配も存在する。公共交通指向型開発(transit‐oriented development:TOD)の場合は、0.25マイル、 0.25–0.5マイル、0.5–0.75マイルでそれぞれ$9.0/ft2、 $8.6/ft2 、$5.3/ft2、というように、プレミアムの上昇に相乗効果が認められる。さらに地理的加重回帰解析からは、中心業務地区(central business district :CBD)およびTOD地区において価格プレミアムは有意に高いことが認められた。以上のように、一様ではない価格効果を把握することは、プロジェクトの財政計画やTOD計画に有用である。

Suggested Citation

  • Haitao Yu & Hao Pang & Ming Zhang, 2018. "Value‐added effects of transit‐oriented development: The impact of urban rail on commercial property values with consideration of spatial heterogeneity," Papers in Regional Science, Wiley Blackwell, vol. 97(4), pages 1375-1396, November.
    • Handle: RePEc:bla:presci:v:97:y:2018:i:4:p:1375-1396
    DOI: 10.1111/pirs.12304
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    Cited by:

    1. Jonas Eliasson & Fredrik Kopsch & Svante Mandell & Mats Wilhelmsson, 2020. "Transport Mode and the Value of Accessibility–A Potential Input for Sustainable Investment Analysis," Sustainability, MDPI, vol. 12(5), pages 1-14, March.
    2. Pengyu Zhu & Jiarong Li & Kailai Wang & Jie Huang, 2024. "Exploring spatial heterogeneity in the impact of built environment on taxi ridership using multiscale geographically weighted regression," Transportation, Springer, vol. 51(5), pages 1963-1997, October.
    3. Murakami, Jin & Villani, Caterina & Talamini, Gianni, 2021. "The capital value of pedestrianization in Asia's commercial cityscape: Evidence from office towers and retail streets," Transport Policy, Elsevier, vol. 107(C), pages 72-86.
    4. Zolnik, Edmund, 2021. "Geographically weighted regression models of residential property transactions: Walkability and value uplift," Journal of Transport Geography, Elsevier, vol. 92(C).
    5. Ibraeva, Anna & Correia, Gonçalo Homem de Almeida & Silva, Cecília & Antunes, António Pais, 2020. "Transit-oriented development: A review of research achievements and challenges," Transportation Research Part A: Policy and Practice, Elsevier, vol. 132(C), pages 110-130.
    6. Yu, Haitao & Peng, Zhong-Ren, 2019. "Exploring the spatial variation of ridesourcing demand and its relationship to built environment and socioeconomic factors with the geographically weighted Poisson regression," Journal of Transport Geography, Elsevier, vol. 75(C), pages 147-163.
    7. Renan Almeida & Marcelo Brandão & Ramon Torres & Pedro Patrício & Pedro Amaral, 2021. "An assessment of the impacts of large‐scale urban projects on land values: The case of Belo Horizonte, Brazil," Papers in Regional Science, Wiley Blackwell, vol. 100(2), pages 517-559, April.
    8. Yuchen Qin & Yikang Zhang & Minfeng Yao & Qiwei Chen, 2023. "How to Measure the Impact of Walking Accessibility of Suburban Rail Station Catchment Areas on the Commercial Premium Benefits of Joint Development," Sustainability, MDPI, vol. 15(6), pages 1-29, March.
    9. Zhang, Min, 2023. "Value uplift from transit investment-Property value or land value? A case study of the Gold Coast light rail system in Australia," Transport Policy, Elsevier, vol. 132(C), pages 88-98.
    10. Li, Jianyi & Huang, Hao, 2020. "Effects of transit-oriented development (TOD) on housing prices: A case study in Wuhan, China," Research in Transportation Economics, Elsevier, vol. 80(C).

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