IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v15y2023i6p4897-d1092630.html
   My bibliography  Save this article

How to Measure the Impact of Walking Accessibility of Suburban Rail Station Catchment Areas on the Commercial Premium Benefits of Joint Development

Author

Listed:
  • Yuchen Qin

    (School of Architecture, Huaqiao University, Xiamen 361021, China
    These authors contributed equally to this work.)

  • Yikang Zhang

    (School of Architecture, Huaqiao University, Xiamen 361021, China
    These authors contributed equally to this work.)

  • Minfeng Yao

    (School of Architecture, Huaqiao University, Xiamen 361021, China)

  • Qiwei Chen

    (School of Architecture, Huaqiao University, Xiamen 361021, China)

Abstract

As the primary solution to the issue of high passenger traffic in urban areas, rail transit has a significant impact on the structural form of cities and regional development. Additionally, it has varying degrees of a premium effect on land value around stations. Current research on the factors influencing the premium effect of rail transit station areas mainly focuses on the macro level of the station area circle, with more attention given to the premium caused by distance and functional differences. Most research objects are typically urban center lines or stations. However, this study focuses on the core area of the station and concentrates on the impact of the construction of integrated station–city facilities on the choice of pedestrian routes and the enhancement of pedestrian accessibility. It also explores whether this enhancement is associated with the premium benefits of ancillary commercial development. To achieve this goal, this paper integrates models from several related studies to conduct a comprehensive assessment. Firstly, it uses a spatial panel econometric model to improve the classical characteristic price method model. It then combines the ideas and models of the cost–benefit analysis method, taking the Odakyu Odawara Line of the Japanese suburban railroad as an example. This analysis explores the mechanism and factors influencing the rent premium of commercial facilities in the suburban rail station area and systematically assesses the combined station–city facilities. The study evaluates the social benefits (enhanced walkability) and economic value (premium value added from commercial facilities) of the combined station–city facilities systematically. The results of the study show that (1) the premium benefits of suburban railroad station area commercial facilities are significantly related to the type of station–city combination facilities, combination mode, and walking time and weakly related to the location factor. Additionally, (2) the results of the cost–benefit valuation analysis based on the Ebina Station verify that a reasonable design of station–city combination facilities can effectively enhance the proximity of commercial facilities to the station and improve the walking accessibility, thus promoting the premium benefits. The study demonstrates that a reasonable design of the combined station and city facilities can effectively enhance the proximity of commercial facilities to the station and improve pedestrian accessibility, promoting premium benefits, which can quickly feed the construction cost of the station and achieve positive revenue in the short term. Therefore, the results of the study provide a quantitative reference for the planning and design of suburban stations.

Suggested Citation

  • 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.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:6:p:4897-:d:1092630
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/15/6/4897/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/15/6/4897/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Rungpansa Noichan & Bart Dewancker, 2018. "Analysis of Accessibility in an Urban Mass Transit Node: A Case Study in a Bangkok Transit Station," Sustainability, MDPI, vol. 10(12), pages 1-26, December.
    2. Kelejian, Harry H & Prucha, Ingmar R, 1998. "A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 99-121, July.
    3. Jungyeol Hong & Reuben Tamakloe & Soobeom Lee & Dongjoo Park, 2019. "Exploring the Topological Characteristics of Complex Public Transportation Networks: Focus on Variations in Both Single and Integrated Systems in the Seoul Metropolitan Area," Sustainability, MDPI, vol. 11(19), pages 1-26, September.
    4. Hao Wu & Hongzan Jiao & Yang Yu & Zhigang Li & Zhenghong Peng & Lingbo Liu & Zheng Zeng, 2018. "Influence Factors and Regression Model of Urban Housing Prices Based on Internet Open Access Data," Sustainability, MDPI, vol. 10(5), pages 1-17, May.
    5. Murat Celik, H. & Guldmann, Jean-Michel, 2007. "Spatial interaction modeling of interregional commodity flows," Socio-Economic Planning Sciences, Elsevier, vol. 41(2), pages 147-162, June.
    6. Zhong, Haotian & Li, Wei, 2016. "Rail transit investment and property values: An old tale retold," Transport Policy, Elsevier, vol. 51(C), pages 33-48.
    7. 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.
    8. Paul K. Asabere & Barrie Harvey, 1985. "Factors Influencing the Value of Urban Land: Evidence from Halifax‐Dartmouth, Canada," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(4), pages 361-377, December.
    9. Kim Dovey & Elek Pafka, 2017. "What is functional mix? An assemblage approach," Planning Theory & Practice, Taylor & Francis Journals, vol. 18(2), pages 249-267, April.
    10. Qingchun Liu & Peixiong Zhao & Yan Xiao & Xin Zhou & Jun Yang, 2022. "Walking Accessibility to the Bus Stop: Does It Affect Residential Rents? The Case of Jinan, China," Land, MDPI, vol. 11(6), pages 1-17, June.
    11. Guibo Sun & Chris Webster & Xiaohu Zhang, 2021. "Connecting the city: A three-dimensional pedestrian network of Hong Kong," Environment and Planning B, , vol. 48(1), pages 60-75, January.
    12. Kyujin Lee & Woojin Kim & Junghan Baek & Junghwa Kim, 2021. "A Comparison into the Factors Affecting Urban Rail Systems: Local, Express, and High-Speed Rail in Tunnels at a Great Depth in a Metropolitan Area," Sustainability, MDPI, vol. 13(17), pages 1-15, August.
    13. Balta-Ozkan, Nazmiye & Yildirim, Julide & Connor, Peter M., 2015. "Regional distribution of photovoltaic deployment in the UK and its determinants: A spatial econometric approach," Energy Economics, Elsevier, vol. 51(C), pages 417-429.
    14. Zhou, Zhengyi & Zhang, Anming, 2021. "High-speed rail and industrial developments: Evidence from house prices and city-level GDP in China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 149(C), pages 98-113.
    15. Jin Kim & Ming Zhang, 2005. "Determining Transit’s Impact on Seoul Commercial Land Values: An Application of Spatial Econometrics," International Real Estate Review, Global Social Science Institute, vol. 8(1), pages 1-26.
    16. Sangwan Lee & Liming Wang, 2022. "Intermediate Effect of the COVID-19 Pandemic on Prices of Housing near Light Rail Transit: A Case Study of the Portland Metropolitan Area," Sustainability, MDPI, vol. 14(15), pages 1-17, July.
    17. John Matthews & Geoffrey Turnbull, 2007. "Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 111-141, August.
    18. Yuchen Zhou & Yuhong Tian & Chi Yung Jim & Xu Liu & Jingya Luan & Mengxuan Yan, 2022. "Effects of Public Transport Accessibility and Property Attributes on Housing Prices in Polycentric Beijing," Sustainability, MDPI, vol. 14(22), pages 1-16, November.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wolfgang Polasek & Richard Sellner, 2013. "The Does Globalization Affect Regional Growth? Evidence for NUTS-2 Regions in EU-27," DANUBE: Law and Economics Review, European Association Comenius - EACO, issue 1, pages 23-65, March.
    2. Huang, Zhonghua & Du, Xuejun, 2021. "How does high-speed rail affect land value? Evidence from China," Land Use Policy, Elsevier, vol. 101(C).
    3. AlQuhtani, Saad & Anjomani, Ardeshir, 2019. "Do rail transit stations affect housing value changes? The Dallas Fort-Worth metropolitan area case and implications," Journal of Transport Geography, Elsevier, vol. 79(C), pages 1-1.
    4. 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).
    5. Han, Dan & Wu, Shuping, 2023. "The capitalization and urbanization effect of subway stations: A network centrality perspective," Transportation Research Part A: Policy and Practice, Elsevier, vol. 176(C).
    6. Aliyu Ahmad Aliyu & Olurotimi Adebowale Kemiki & Muhammad Umar Bello, 2018. "Analysis of Current Empirical Studies on Transport Value-Added Effect and Proximate Housing Price Capture," Traektoriâ Nauki = Path of Science, Altezoro, s.r.o. & Dialog, vol. 4(12), pages 1001-1020, December.
    7. Hawnaz Magid Abdulla & Muammal Alaaddin Ibrahim, 2023. "The Impact of Urban Spatial Plan on Land Value: An Approach System to Relating Space Syntax Premises to the Land Price," Sustainability, MDPI, vol. 15(9), pages 1-28, April.
    8. Hanbing Yang & Meichen Fu & Li Wang & Feng Tang, 2021. "Mixed Land Use Evaluation and Its Impact on Housing Prices in Beijing Based on Multi-Source Big Data," Land, MDPI, vol. 10(10), pages 1-21, October.
    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. Gallaher, Adam & Graziano, Marcello & Fiaschetti, Maurizio, 2021. "Legacy and shockwaves: A spatial analysis of strengthening resilience of the power grid in Connecticut," Energy Policy, Elsevier, vol. 159(C).
    11. Likun Wu & Wei Lang & Tingting Chen, 2024. "Deciphering Urban Land Use Patterns in the Shenzhen–Dongguan Cross-Boundary Region Based on Multisource Data," Land, MDPI, vol. 13(2), pages 1-24, January.
    12. Tiziano Arduini & Eleonora Patacchini & Edoardo Rainone, 2020. "Treatment Effects With Heterogeneous Externalities," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 38(4), pages 826-838, October.
    13. Sandy Fréret & Denis Maguain, 2017. "The effects of agglomeration on tax competition: evidence from a two-regime spatial panel model on French data," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 24(6), pages 1100-1140, December.
    14. Ibrahim Ramadani & Pal Nikolli & Ferim Gashi, 2019. "Differentiation of Administrative Units of Albania by Length and Density of National Road Network," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 8, November.
    15. Gupta, Abhimanyu & Robinson, Peter M., 2015. "Inference on higher-order spatial autoregressive models with increasingly many parameters," Journal of Econometrics, Elsevier, vol. 186(1), pages 19-31.
    16. Yan, Sen & Sun, Xinyu & Zhang, Yurong, 2024. "High-speed railway ripples on the greenness: Insight from urban green vegetation cover," Transportation Research Part A: Policy and Practice, Elsevier, vol. 179(C).
    17. Kristien Werck & Bruno Heyndels & Benny Geys, 2008. "The impact of ‘central places’ on spatial spending patterns: evidence from Flemish local government cultural expenditures," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 32(1), pages 35-58, March.
    18. Padovano, Fabio & Petrarca, Ilaria, 2014. "Are the responsibility and yardstick competition hypotheses mutually consistent?," European Journal of Political Economy, Elsevier, vol. 34(C), pages 459-477.
    19. Juergen Deppner & Marcelo Cajias, 2024. "Accounting for Spatial Autocorrelation in Algorithm-Driven Hedonic Models: A Spatial Cross-Validation Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 68(2), pages 235-273, February.
    20. Matthieu Leprince & Sonia Paty & Emmanuelle Reulier, 2005. "Choix d'imposition et interactions spatiales entre collectivités locales. Un test sur les départements français," Recherches économiques de Louvain, De Boeck Université, vol. 71(1), pages 67-93.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:15:y:2023:i:6:p:4897-:d:1092630. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.