01658520

Component

The forgotten mode in research on how the real estate market responds to fixed guideway transit seems to be commuter rail. The authors help address this shortcoming. In theory, like all fixed guideway transit systems, proximity to commuter rail transit (CRT) stations should confer positive benefits capitalized by the market; the closer real estate is to those stations, the more valuable it should be. On the other hand, unlike other transit modes that are set amidst urban development, commuter rail stations are often located in industrial areas. As such, proximity to CRT stations may confer negative benefits capitalized by the market; the closer real estate is to those stations, the less valuable it would be. Using a quadratic distance function, the authors assess how rental real estate markets in two metropolitan areas—San Diego and Salt Lake City—respond to CRT station proximity. They find positive proximity benefits, albeit small for office land uses though much larger for multifamily rental land uses. The authors reason that the positive effects of CRT station proximity outweigh negative ones. They offer CRT system planning implications.

This paper was sponsored by TRB committee AP070 Standing Committee on Commuter Rail Transportation. Analysis of the Variation in Apartment and Office Market Rents with Respect to Commuter Rail Transit Station Distance in Metropolitan San Diego and Salt Lake City: This is an alternative title.

18-03067

English

0000-0003-2578-3884

24p

2018

Transportation Research Board 97th Annual Meeting

Digital/other

Figures; References; Tables

Apartment buildings; Distance; Office buildings; Rail transit stations; Railroad commuter service; Real property; Rent; Transit oriented development

Salt Lake City (Utah); San Diego (California)

Finance; Passenger Transportation; Planning and Forecasting; Public Transportation; Railroads; Terminals and Facilities

Transportation Research Board Annual Meeting 2018 Paper #18-03067

TRIS, TRB, ATRI

Jan 8 2018 10:44AM