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

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.