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Redeveloping industrial land: are contamination and remediation schemes affecting the price of industrial real estate properties?

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  • Stefania Tonin
  • Margherita Turvani

Abstract

Redeveloping industrial land may run across obstacles, even within the same land-use designation, because previous industrial activities jeopardised the quality of the site. Contamination of soil and water is an example. Using a hedonic price method, this paper explores the effect of contamination and alternative remediation schemes on the industrial real estate property market. We consider the case of Porto Marghera in the Lagoon of Venice, a large and complex contaminated site listed on the Italian National Priority List (NPL). Our results indicate that the industrial real estate market rewards properties with a complete and certified clean-up scheme, while proximity to properties remediated with the 'permanent safety containment measures' negatively affects the selling price of nearby industrial properties. Characteristics of the properties, such as size, location, accessibility and other relevant economic indicators, do matter in explaining price differentials.

Suggested Citation

  • Stefania Tonin & Margherita Turvani, 2014. "Redeveloping industrial land: are contamination and remediation schemes affecting the price of industrial real estate properties?," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 57(7), pages 1043-1065, July.
    • Handle: RePEc:taf:jenpmg:v:57:y:2014:i:7:p:1043-1065
    DOI: 10.1080/09640568.2013.782271
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    References listed on IDEAS

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    1. McCluskey, Jill & Rausser, Gordon C., 1999. "Stigmatized asset value: is it temporary or permanent?," Department of Agricultural & Resource Economics, UC Berkeley, Working Paper Series qt59b1t566, Department of Agricultural & Resource Economics, UC Berkeley.
    2. 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.
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    Cited by:

    1. Fei Xie & Shuaibing Zhang & Kaixu Zhao & Fengmei Quan, 2022. "Evolution Mode, Influencing Factors, and Socioeconomic Value of Urban Industrial Land Management in China," Land, MDPI, vol. 11(9), pages 1-33, September.

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