How does the Change in Accessibility Impact Commercial Property Values?
||Lee, Jae-Kwang; Qiulin Ke
||How does the Change in Accessibility Impact Commercial Property Values?
||20th Annual European Real Estate Society Conference in Vienna, Austria
||As numerous transport infrastructure projects have been implemented, recent years have witnessed a significant increase in transport network in urban and regional areas. A number of studies have been undertaken to examine whether transport improvement impacts commercial property values and have found that proximity to public transits leads to an increase in rental values of commercial properties. Few studies, however, have focused on investigating the relationship between change in accessibility and commercial property values with a longitudinal analysis. This study therefore seeks to investigate how change in accessibility impacts commercial property retail values. A gravity-type accessibility indicator will be developed in order to enhance the measurement of accessibility in the analysis. This accessibility will gauge accessibilities of commercial properties to the market potential for two time points: 2000 and 2010. Drawing on that accessibility indicator and commercial property attributes collected from private companies, this study will develop a longitudinal econometric model to analyze the impact of the change in accessibility on commercial property rental values. A hypothesis to be tested is that an increase in accessibility does not lead to a rise in rental values of commercial properties.
||Longitudinal analysis, Commercial property, Rental value, Gravity-type accessibility indicator, Pricing accessibility
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||0D2-2: Doctoral Session (Presentation)
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