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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
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    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.

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    Bibliographic Info

    Article provided by Elsevier in its journal Transportation Research Part A: Policy and Practice.

    Volume (Year): 27 (1993)
    Issue (Month): 1 (January)
    Pages: 13-22

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    Handle: RePEc:eee:transa:v:27:y:1993:i:1:p:13-22

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    Cited by:
    1. 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.
    2. Dominique Bouf & David A. Hensher, 2007. "The dark side of making transit irresistible: The example of France," Post-Print halshs-00266224, HAL.
    3. 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.
    4. 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.
    5. Billings, Stephen B., 2011. "Estimating the value of a new transit option," Regional Science and Urban Economics, Elsevier, vol. 41(6), pages 525-536.
    6. Bouf, Dominique & Hensher, David A., 2007. "The dark side of making transit irresistible: The example of France," Transport Policy, Elsevier, vol. 14(6), pages 523-532, November.

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