Does public transit use increase the economic efficiency of urban areas?
AbstractThis paper explores the relationship between the scale of public transit services in urban areas of the U.S. and the efficiency of those economies, with efficiency measured by commercial office rents. Panel regressions are estimated in which real office rent is the left-hand variable. The key right-hand variable is per capita transit use. Other right-hand variables include demand for office space, office vacancy rate, average real wage and unemployment rate. Two-stage least squares equations are estimated to deal with possible simultaneity between office rents and transit use. Results indicate a positive relationship between public transit use and office rents. The relationship is stronger in areas with higher concentrations of office space in the central business district; however, the estimated dollar impact of transit use on office rents is small.
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Bibliographic InfoArticle provided by Center for Transportation Studies, University of Minnesota in its journal The Journal of Transport and Land Use.
Volume (Year): 5 (2012)
Issue (Month): 3 ()
public transit; urban; economies; efficiency;
Find related papers by JEL classification:
- R40 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - General
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2004.
"The Impact of Railway Stations on Residential and Commercial Property Value: a Meta Analysis,"
Tinbergen Institute Discussion Papers
04-023/3, Tinbergen Institute.
- Ghebreegziabiher Debrezion & Eric Pels & Piet Rietveld, 2007. "The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 161-180, August.
- Matthew P. Drennan & Hugh F. Kelly, 2011. "Measuring urban agglomeration economies with office rents," Journal of Economic Geography, Oxford University Press, vol. 11(3), pages 481-507, May.
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