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Assessing the impacts of urban rail transit on local real estate markets using quasi-experimental comparisons

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  • Cervero, Robert
  • Landis, John

Abstract

A number of studies have concluded that recent rail transit investments have impacted the form and land use character of American cities far less than their counterparts a century or so ago. This study compares a number of measures of market performance between office submarkets located at selected rail transit stations in Washington, DC and Atlanta, with otherwise similar office submarkets lacking transit service. Comparisons are made over the period between 1978 and 1989. Although there were notable exceptions, the research finds that office projects located at or near transit stations enjoyed a slight office rent premium over their freeway-oriented competitors. In addition, office projects near rail stations tended to be slightly larger, and lease up somewhat more rapidly than office projects at the nonrail control sites. Other comparisons of office market performance tended to be more equivocal. These results suggest that although rail transit service does generate some benefits for the owners of commercial properties near transit stations, such benefits tend to be quite small.

Suggested Citation

  • Cervero, Robert & Landis, John, 1993. "Assessing the impacts of urban rail transit on local real estate markets using quasi-experimental comparisons," Transportation Research Part A: Policy and Practice, Elsevier, vol. 27(1), pages 13-22, January.
    • Handle: RePEc:eee:transa:v:27:y:1993:i:1:p:13-22
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    1. Yang, Jiawen & Chen, Junxian & Le, Xiaohui & Zhang, Qin, 2016. "Density-oriented versus development-oriented transit investment: Decoding metro station location selection in Shenzhen," Transport Policy, Elsevier, vol. 51(C), pages 93-102.
    2. Banai, Reza, 2010. "Evaluation of land use-transportation systems with the Analytic Network Process," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 3(1), pages 85-112.
    3. Du, Zhouyang & Tang, Jinjun & Qi, Yong & Wang, Yiwei & Han, Chunyang & Yang, Yifan, 2020. "Identifying critical nodes in metro network considering topological potential: A case study in Shenzhen city—China," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 539(C).
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    5. Rongxu Qiu & Wei Xu & John Zhang & Karl Staenz, 2018. "Modeling and simulating industrial land-use evolution in Shanghai, China," Journal of Geographical Systems, Springer, vol. 20(1), pages 57-83, January.
    6. Loukaitou-Sideris, Anastasia & Banerjee, Tridib, 2000. "The Blue Line Blues: Why the Vision of Transit Village May Not Materialize Despite Impressive Growth in Transit Ridership," University of California Transportation Center, Working Papers qt8jd663ht, University of California Transportation Center.
    7. Yang, Jiawen & Quan, Jige & Yan, Bin & He, Canfei, 2016. "Urban rail investment and transit-oriented development in Beijing: Can it reach a higher potential?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 89(C), pages 140-150.
    8. Tian, Chuanhao & Peng, Ying & Wen, Haizhen & Yue, Wenze & Fang, Li, 2021. "Subway boosts housing values, for whom: A quasi-experimental analysis," Research in Transportation Economics, Elsevier, vol. 90(C).
    9. Loukaitou-Sideris, Anastasia & Banerjee, Tridib, 1994. "Form Follows Transit? The Blue Line Corridor's Development Potentials," University of California Transportation Center, Working Papers qt68t5q6b3, University of California Transportation Center.
    10. Corinne Mulley, 2014. "Accessibility and Residential Land Value Uplift: Identifying Spatial Variations in the Accessibility Impacts of a Bus Transitway," Urban Studies, Urban Studies Journal Limited, vol. 51(8), pages 1707-1724, June.
    11. Amarin Siripanich & Taha Hossein Rashidi & Emily Moylan, 2019. "Interaction of Public Transport Accessibility and Residential Property Values Using Smart Card Data," Sustainability, MDPI, vol. 11(9), pages 1-24, May.
    12. Pagliara, Francesca & Papa, Enrica, 2011. "Urban rail systems investments: an analysis of the impacts on property values and residents’ location," Journal of Transport Geography, Elsevier, vol. 19(2), pages 200-211.
    13. Du, Hongbo & Mulley, Corinne, 2012. "Understanding spatial variations in the impact of accessibility on land value using geographically weighted regression," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 5(2), pages 46-59.
    14. Nij Tontisirin & Sutee Anantsuksomsri, 2021. "Measuring transit accessibility benefits and their implications on land value capture: a case study of the Bangkok Metropolitan Region," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 67(2), pages 415-449, October.
    15. Ahn, Kwangwon & Jang, Hanwool & Song, Yena, 2020. "Economic impacts of being close to subway networks: A case study of Korean metropolitan areas," Research in Transportation Economics, Elsevier, vol. 83(C).
    16. Mejia-Dorantes, Lucia & Lucas, Karen, 2014. "Public transport investment and local regeneration: A comparison of London׳s Jubilee Line Extension and the Madrid Metrosur," Transport Policy, Elsevier, vol. 35(C), pages 241-252.
    17. Mu, Rui & Jong, Martin de, 2012. "Establishing the conditions for effective transit-oriented development in China: the case of Dalian," Journal of Transport Geography, Elsevier, vol. 24(C), pages 234-249.
    18. Billings, Stephen B., 2011. "Estimating the value of a new transit option," Regional Science and Urban Economics, Elsevier, vol. 41(6), pages 525-536.
    19. Chang, Zheng & Phang, Sock-Yong, 2017. "Urban rail transit PPPs: Lessons from East Asian cities," Transportation Research Part A: Policy and Practice, Elsevier, vol. 105(C), pages 106-122.
    20. Efthymiou, D. & Antoniou, C., 2015. "Investigating the impact of recession on transportation cost capitalization: a spatial analysis," Journal of Transport Geography, Elsevier, vol. 42(C), pages 1-9.
    21. Efthymiou, D. & Antoniou, C., 2013. "How do transport infrastructure and policies affect house prices and rents? Evidence from Athens, Greece," Transportation Research Part A: Policy and Practice, Elsevier, vol. 52(C), pages 1-22.
    22. Haizhen Wen & Zaiyuan Gui & Chuanhao Tian & Yue Xiao & Li Fang, 2018. "Subway Opening, Traffic Accessibility, and Housing Prices: A Quantile Hedonic Analysis in Hangzhou, China," Sustainability, MDPI, vol. 10(7), pages 1-23, June.
    23. Zhao, Liyuan & Shen, Le, 2019. "The impacts of rail transit on future urban land use development: A case study in Wuhan, China," Transport Policy, Elsevier, vol. 81(C), pages 396-405.
    24. Giulio Grossi & Marco Mariani & Alessandra Mattei & Patrizia Lattarulo & Ozge Oner, 2020. "Direct and spillover effects of a new tramway line on the commercial vitality of peripheral streets. A synthetic-control approach," Papers 2004.05027, arXiv.org, revised Nov 2023.

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