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Hedonic Modeling Of Commercial Property Values: Distance Decay From The Links And Nodes Of Rail And Highway Infrastructure, Kihwan Seo, Deborah Salon, Michael Kuby, Aaron Golub

Urban Studies and Planning Faculty Publications and Presentations

This study investigates the impacts of positive and negative externalities of highways and light rail on commercial property values in Phoenix, Arizona. We hypothesize that the positive externality (i.e., accessibility) of highway and light rail accrues at exits and stations, whereas nodes and links of highways and light rail emanate negative effects. Positive and negative effects decay with increasing distance and are captured by multiple distance bands. Hypotheses are tested using a spatial error regression model. Results show that commercial property values are positively and significantly associated with the accessibility benefits of transport nodes. The distance-band coefficients form a typical …