The non-linear impact of urban rail transit on commercial property prices: Based on a spatial heterogeneity perspective

IF 4 2区 地球科学 Q1 GEOGRAPHY
Dan Zhang , Jingming Liu , Kui Liu , Yao Zhang
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引用次数: 0

Abstract

Urban rail transit (URT) can boost population and business agglomeration, and increase premiums for surrounding properties. Commercial properties with an operational nature typically gain higher premiums and have the potential to capture value. However, the relationship between URT and commercial property price (CPP) has not been fully explored. Therefore, this paper takes Shanghai as an example, based on URT travel data, property sales information, and other multi-source geographic data, comprehensively analyses the intrinsic mechanism of URTs affecting CPPs. The results confirm that URTs have a significant positive effect on CPPs, but the degree of impact varies in the presence of spatial heterogeneity and submarket effects. On the urban scale, the effect increases and then decreases as one moves away from the CBD; at the station area scale, URTs have a non-linear step-decreasing effect on CPPs. Furthermore, the premium that URTs can generate is limited and subject to multiple constraints in terms of location, built environment, residents' travel habits and expectations. The findings can provide a reference for formulating value capture policy, planning URT routes, and enhancing urban economic vitality.

Abstract Image

城市轨道交通对商业地产价格的非线性影响:基于空间异质性视角
城市轨道交通(URT)可以促进人口和商业聚集,提高周边物业的溢价。具有运营性质的商业地产通常会获得更高的溢价,并具有获取价值的潜力。然而,城市轨道交通与商业地产价格(CPP)之间的关系尚未得到充分探讨。因此,本文以上海为例,基于URT出行数据、房产销售信息等多源地理数据,全面分析了URT影响CPP的内在机制。结果证实,URT 对 CPP 有显著的正向影响,但影响程度因空间异质性和次级市场效应的存在而不同。在城市尺度上,随着远离中央商务区,影响程度先增大后减小;在车站区域尺度上,市郊捷运对购买力平价的影响呈非线性递减。此外,城市轨道交通所能带来的溢价是有限的,并受到位置、建筑环境、居民出行习惯和期望等多方面因素的制约。研究结果可为制定价值捕捉政策、规划市郊电车路线和提升城市经济活力提供参考。
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来源期刊
Applied Geography
Applied Geography GEOGRAPHY-
CiteScore
8.00
自引率
2.00%
发文量
134
期刊介绍: Applied Geography is a journal devoted to the publication of research which utilizes geographic approaches (human, physical, nature-society and GIScience) to resolve human problems that have a spatial dimension. These problems may be related to the assessment, management and allocation of the world physical and/or human resources. The underlying rationale of the journal is that only through a clear understanding of the relevant societal, physical, and coupled natural-humans systems can we resolve such problems. Papers are invited on any theme involving the application of geographical theory and methodology in the resolution of human problems.
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