A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
The impact of urban rail transit on commercial property value: New evidence from Wuhan, China
Highlights The paper reported the impact of urban rail transit on commercial property value from Wuhan, China. Spatial autoregressive models were employed to estimate the commercial value capture. Positive transit access effect was detected in the 400m radius of road network distance from Metro stations. The transit access premiums for buffer rings in the influence area were estimated and present as two tiers. Policy implications for strategic and detailed TOD planning were discussed.
Abstract The interaction between rail transit and the urban property market is a vital foundation for planning transit-based policy such as Value Capture and Transit Oriented Development (TOD). Yet only few studies have reported the impact of transit access on commercial property value. This paper presents empirical evidence from Wuhan, China, to enrich the knowledge in the subject area. Spatial autoregressive models were employed to estimate the commercial value capture, based on 676 observations along Wuhan’s metro rail line through the main business districts. Value appreciation was discovered within the 400m radius of road network distance from Metro stations. The transit access premiums present as two tiers: 16.7% for the 0–100m core area and approximately 8.0% within the 100–400m radius. The result demonstrates the potential benefit of adopting value capture and optimising TOD planning to support sustainable urban rail transit investment. Amid rapid urbanisation in China, the evidence reported here could help better inform cities, across the developing world and beyond, of the benefits of adopting rail transit-based policy.
The impact of urban rail transit on commercial property value: New evidence from Wuhan, China
Highlights The paper reported the impact of urban rail transit on commercial property value from Wuhan, China. Spatial autoregressive models were employed to estimate the commercial value capture. Positive transit access effect was detected in the 400m radius of road network distance from Metro stations. The transit access premiums for buffer rings in the influence area were estimated and present as two tiers. Policy implications for strategic and detailed TOD planning were discussed.
Abstract The interaction between rail transit and the urban property market is a vital foundation for planning transit-based policy such as Value Capture and Transit Oriented Development (TOD). Yet only few studies have reported the impact of transit access on commercial property value. This paper presents empirical evidence from Wuhan, China, to enrich the knowledge in the subject area. Spatial autoregressive models were employed to estimate the commercial value capture, based on 676 observations along Wuhan’s metro rail line through the main business districts. Value appreciation was discovered within the 400m radius of road network distance from Metro stations. The transit access premiums present as two tiers: 16.7% for the 0–100m core area and approximately 8.0% within the 100–400m radius. The result demonstrates the potential benefit of adopting value capture and optimising TOD planning to support sustainable urban rail transit investment. Amid rapid urbanisation in China, the evidence reported here could help better inform cities, across the developing world and beyond, of the benefits of adopting rail transit-based policy.
The impact of urban rail transit on commercial property value: New evidence from Wuhan, China
Xu, Tao (author) / Zhang, Ming (author) / Aditjandra, Paulus T. (author)
Transportation Research Part A: Policy and Practice ; 91 ; 223-235
2016-06-29
13 pages
Article (Journal)
Electronic Resource
English
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