The Walkability Premium in Commercial Real Estate Investments
The Walkability Premium in Commercial Real Estate Investments
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DOI：
10.1111/j.1540-6229.2010.00296.x
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发表时间：
2011-06-01
影响因子：
2.2
通讯作者：
Fisher, Jeffrey D.
中科院分区：
文献类型：
--
作者：
Pivo, Gary;Fisher, Jeffrey D.
本文探讨了步行便利性对房地产价值和投资回报的影响。可步行性是指酒店步行距离内的区域鼓励出于娱乐或功能目的步行的程度。我们使用来自全国理事会的真实的房地产投资信托和步行评分的数据来研究步行性对2001年至2008年美国4,200多个办公室，公寓，零售和工业物业的市场价值和投资回报的影响。我们发现，在其他条件相同的情况下，更好的步行能力的好处被资本化为更高的办公室，零售和公寓价值。我们发现对工业财产没有影响。在100分的范围内，步行能力增加10分，价值增加1- 9%，具体取决于物业类型。我们还发现，步行性与较低的上限利率和较高的收入有关，这表明它在资本资产和建筑空间市场中都受到青睐。步行性对历史总投资回报没有显著影响。只要定价正确，所有适合步行的房产类型都有可能产生与不适合步行的房产一样好或更好的回报。开发商应该愿意开发更多适合步行的物业，只要更多适合步行的位置和相关开发费用的任何额外成本不会耗尽步行溢价。
This article examines the effects of walkability on property values and investment returns. Walkability is the degree to which an area within walking distance of a property encourages walking for recreational or functional purposes. We use data from the National Council of Real Estate Investment Fiduciaries and Walk Score to examine the effects of walkability on the market value and investment returns of more than 4,200 office, apartment, retail and industrial properties from 2001 to 2008 in the United States. We found that, all else being equal, the benefits of greater walkability were capitalized into higher office, retail and apartment values. We found no effect on industrial properties. On a 100-point scale, a 10-point increase in walkability increased values by 1-9%, depending on property type. We also found that walkability was associated with lower cap rates and higher incomes, suggesting it has been favored in both the capital asset and building space markets. Walkability had no significant effect on historical total investment returns. All walkable property types have the potential to generate returns as good as or better than less walkable properties, as long as they are priced correctly. Developers should be willing to develop more walkable properties as long as any additional cost for more walkable locations and related development expenses do not exhaust the walkability premium.