Sponsor
We gratefully acknowledge generous support for research reported in this paper from the National Institute for Transportation and Communities, the Utah Transit Authority, the Wasatch Front Regional Council, the Mountainland Association of Governments, and the University of Arizona.
Document Type
Working Paper
Publication Date
2015
Subjects
Transit-oriented development, Transportation -- Planning, Street-railroads -- Economic aspects
Abstract
It seems an article-of-faith that real estate markets respond more favorably to location within one-half mile of transit stations. Planning and public decision-makers have thus drawn half-mile (or smaller) circles around rail transit stations assuming larger planning areas would not be supported by the evidence. Recent research, however, has shown market-responsiveness well beyond one-half mile. We contribute to this literature by evaluating the distance-decay function of office rents in metropolitan Dallas and Denver with respect to light rail transit (LRT) station distance. Using a quadratic transformation of distance we find office rent premiums extending in the range of two miles away from LRT stations with half the premium dissipating at about two-thirds on one mile and three quarters dissipating at about one mile. We offer planning and policy implications including the need to expand LRT station planning areas, perhaps considerably.
Persistent Identifier
http://archives.pdx.edu/ds/psu/16724
Citation Details
Nelson, Arthur C.; Eskic, Dejan; Ganning, Joanna P.; Hamidi, Shima; Petheram, Susan J.; Liu, Jenny H.; and Ewing, Reid, "Office Rent Premiums With Respect To Distance From Light Rail Transit Stations In Dallas And Denver" (2015). Urban Studies and Planning Faculty Publications and Presentations. 128.
http://archives.pdx.edu/ds/psu/16724
Description
The final research report that this work is derived from is located here: http://archives.pdx.edu/ds/psu/16717