|
Articles:
Determining Transit?s Impact on Seoul Commercial Land Values Authors: Jin Kim and Ming Zhang Start Page:1
Abstract: Literature
regarding transit?s impact on land values reports mixed results concerning
the economic benefits of accessibility to subway stations, specifically
regarding commercial properties. After examining 731 commercial land values
in Seoul, Korea, this study suggests a possible explanation for the mixed
results: transit?s discrimination impact on land values by location in a
built-up urban area. The regression coefficient for distance to station in
the central business district is the highest, the subcenters are next, and
other areas are lowest ? apparently a strong correlation with higher
centrality and development densities of submarkets. Also, the inclusion of
spatial lag and error term variables greatly improves the goodness of fit of
the regression equations lowering the spatial autocorrelation in the
ordinary least squares residuals as well as reduces overestimation of value
premiums in association with rail transit stations, which enables a
regression model to produce a more accurate and efficient estimator for
transit?s impact on commercial land values. |
|