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Environmental Contamination and Industrial Real Estate Prices

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  • Thomas O. Jackson

    ()
    (Real Property Analytics, Inc., Bryan, TX 77807-2715)

Abstract

This article is the winner of the Industrial Real Estate manuscript prize (sponsored by Society of Industrial and Office REALTORS) presented at the American Real Estate Society Annual Meeting. This article examines the effects of environmental contamination on the sales prices of industrial properties. Two general questions are addressed. The first is the extent to which sales prices may be impacted by contamination. The second is whether sales price effects due to contamination persist subsequent to the remediation of previously contaminated industrial properties. Using data on industrial property sales in Southern California, this study estimates sales price models that address these two questions. The results show that there are statistically significant impacts on property values in the period before and during remediation, but that these effects dissipate subsequent to cleanup.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol23n0102/11.179_200.pdf
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Bibliographic Info

Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 23 (2002)
Issue (Month): 1/2 ()
Pages: 179-200

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Handle: RePEc:jre:issued:v:23:n:1/2:2002:p:179-200

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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Web page: http://www.aresnet.org/

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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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  1. Larry J. Lockwood & Ronald C. Rutherford, 1996. "Determinants of Industrial Property Value," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(2), pages 257-272.
  2. Brent W. Ambrose, 1990. "An Analysis of the Factors Affecting Light Industrial Property Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 355-370.
  3. Richard J. Buttimer, Jr. & Ronald C. Rutherford & Ron Witten, 1997. "Industrial Warehouse Rent Determinants in the Dallas/Fort Worth Area," Journal of Real Estate Research, American Real Estate Society, vol. 13(1), pages 47-56.
  4. William L. Attebery & Ronald C. Rutherford & Mark E. Eakin, 1993. "Industrial Real Estate Prices and Market Efficiency," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 377-386.
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Cited by:
  1. Anna Alberini, 2006. "Determinants and Effects on Property Values of Participation in Voluntary Cleanup Programs: the Case of Colorado," ERSA conference papers ersa06p126, European Regional Science Association.
  2. Hilary Sigman, 2009. "Environmental Liability and Redevelopment of Old Industrial Land," NBER Working Papers 15017, National Bureau of Economic Research, Inc.
  3. Stefania Tonin & Margherita Turvani, 2011. "Environmental contamination and industrial real estate market: an application of hedonic price method in Italy," ERSA conference papers ersa10p511, European Regional Science Association.
  4. Jeffrey Zabel, 2007. "The Impact of Imperfect Information on the Transactions of Contaminated Properties," NCEE Working Paper Series 200703, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Jan 2007.
  5. Anna Alberini & Alberto Longo, 2006. "The Effects of Contamination and Cleanup on Commercial and Industrial Properties: A Hedonic Pricing Model of Maryland and Baltimore City," ERSA conference papers ersa06p413, European Regional Science Association.

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