Analysis of the Variation in Office and Apartment Market Rents with Respect to Commuter 1 Rail Transit Station Distance in Metropolitan San Diego and Salt Lake City

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.

• Supplemental Notes:
  • 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.
• Authors:
  • Nelson, Arthur C
  • 0000-0003-2578-3884
  • Hibberd, Robert
• Conference:
  • Transportation Research Board 97th Annual Meeting
  • Location: Washington DC, United States
  • Date: 2018-1-7 to 2018-1-11
• Date: 2018

Language

• English

Media Info

• Media Type: Digital/other
• Features: Figures; References; Tables;
• Pagination: 24p

Subject/Index Terms

• TRT Terms: Apartment buildings; Distance; Office buildings; Rail transit stations; Railroad commuter service; Real property; Rent; Transit oriented development
• Geographic Terms: Salt Lake City (Utah); San Diego (California)
• Subject Areas: Finance; Passenger Transportation; Planning and Forecasting; Public Transportation; Railroads; Terminals and Facilities;

Filing Info

• Accession Number: 01658520
• Record Type: Publication
• Report/Paper Numbers: 18-03067
• Files: TRIS, TRB, ATRI
• Created Date: Jan 31 2018 10:44AM