於都市計畫中，容積率的訂定或容積移入區的劃定及其上限規範，其擬訂過程所需考慮的因素以及訂定方式，似乎未有明確客觀標準或指導規範；且甚少將不動產市場需求層面納入考量，而影響土地使用的經濟效率。因此，本研究目的為探討區位可及性（規劃供給面）與區位的市場需求兩者對於容積率訂定之理論關係，並提供一套容積率「分派」之方法。研究方法包括特徵價格模式與模擬分析，實證案例為2001年台北市的住宅交易資料，其來源包含台北市稅捐資料與不動產交易資料庫。模擬分析結果顯示出模擬範圍內住宅使用之預測容積率的空間分佈，可據以作為容積率訂定的標準；而預測容積與法定容積的差異於空間上的分佈情形，可分析可能作為容積移入區的劃定區位，以促進土地容積更有效率的配置。

在大眾運輸導向（Transit-Oriented Development, TOD）所推行的捷運站區土地混合使用政策的背景下，本研究探討住商混合使用對於住宅房價之影響。本研究之研究假設有三：第一，不同空間尺度的混合使用，會對房價形成不同的影響；第二，其他土地使用種類越多，住宅房價越高；第三，商業使用之量體大小，對於房價形成不同的影響。本研究以台北市住宅為研究對象，研究時間為2001年，樣本數670 份。分析工具包含運用地理資訊系統(Geographic Information Systems, GIS)進行空間變數處理，以及多元迴歸分析（Multiple regression analysis）進行統計分析。研究成果驗證研究假設，於同棟及同街廓的空間尺度中，住商混合對住宅房價造成下降的影響，而相鄰街廓的住商混合使用使得住宅房價提升；且相鄰街廓混合使用種類越多，住宅房價越高。研究結果可做為政府擬定土地使用管制計畫之參考。

隨著社會經濟結構的轉型，目前台灣已邁向服務業為主的社會型態。為應該服務業及商業所需的辦公空間，因此辦公大樓陸續的興建。隨著近年來不動產的投資興盛，辦公大樓成為了外資或者保值的投資選擇。而判斷辦公大樓價值的標準即為該大樓所能創造的收益為何。辦公大樓的收益為租金，因此了解影響租金組成的因素，能夠提供我們在進行投資決策時一個參考的依據。但過去已有許多租金影響因素之研究，是以本研究擬從不同的觀點切入來探討租金的成因。 近十年來，國內許多豪宅或者知名的辦公大樓引進入物業管理的方式，取代了過去由管理委員會主導的管理模式。物業管理的興起，乃是人們對於住宅安全以及管理品質引申需求。對於物業管理的研究，國內目前仍著重在管理績效的衡量以及利用電腦提升物業管理效率的部分，鮮有探討辦公大樓租金與物業管理之間的關連。是以，本研究以台北市六行政區的辦公大樓為標的，利用特徵價格模型(Hedonic Price Model)和BOX-COX轉換，從物業管理的觀點來探討辦公大樓租金的影響因素。 / In Taiwan, business has become the main economic activity. The more prosperous business is, the more office spaces are requested. To understand the composition of office rent, hedonic price model is used as an analysis tool frequently. The varieties, such as age, distance of MRT, or standard floor, are usually used as the hedonic varieties. When property management is getting popular in the decade, there are few research use property management as varieties. To understand if the difference of property management style would affect the office rent, this essay used Box-Cox translation and Semi-Log regression to analyze the relationship between property management and office rent.

不動產法拍屋市場中，是否受到總體經濟環境變化或金融風暴來襲，而影響拍定價相對於第一拍底價之比率？是本研究所探討的課題。除上述總體經濟因素外，是否尚有其他因素如法拍屋個別屬性影響拍定價對底價比？本文藉由上述各項因素存在與否，探討法拍屋拍定價對底價比和各變數間之關係，得以建立法拍屋拍定價對底價比之變數模型。 本研究以特徵價格理論探討影響台北市士林區法拍屋拍定價對底價比之變數，並以迴歸分析方法分析影響法拍屋拍定價對底價比之因素，及其影響程度，並藉此探討當市場發生重大金融事件或總體經濟環境變化時，是否影響法拍屋之拍定價對底價比。實證結果發現：影響法拍屋拍定價對底價比之顯著變數如下： 一、法拍屋個別屬性：是否為一樓、競標數呈正相關，屋齡呈先負後正曲線關係，拍定次數呈負相關。 二、總體經濟變數：拍定前月放款利率、拍定前季是否經濟衰退或金融風暴呈負相關。 本文探討影響法拍屋拍定價對底價比之變數，研究結果期能提供地方法院訂定第一拍底價及酌減各拍次底價之參考、投標人決定投標價及選擇最佳進場時機之參考、地方法院委託之不動產鑑定人於法拍屋估價時，價格調整幅度權衡的參考、以及債權人決定是否執行及續拍之參考。 / Real estate markets are affected by macro economic factors, regional factors and individual factors. As there is recession in economy growth, the number of foreclosed properties increased. How are the prices of foreclosed properties influenced by the aforementioned factors? This study intends to explore factors affecting the ratio of the final transaction price to the listed base price in the real estate auction markets through the Hedonic Price Model. Results show that the first-floor effect, number of bidders and age of the buildings are positively related to the ratio of the final transaction price to the listed base price in the real estate auction markets. Numbers of auctions, interest rates, and the occurrence of the financial crisis in the previous season are negatively related to the ratio of the final transaction price to the listed base price. Results of this study provide precious reference value on formulating the listed base prices on the real estate auction markets. Investors can also take into account of the significant factors in making the investment decision in the auction market.

過去都市更新相關文獻中，多在分析都市更新制度與探討相關法令缺失，且多以權利變換方式探討地主權益之分配，較少以量化分析來研究都市更新協議合建分配型態，對於地主所關注合建分配比率之影響因素也未能深入研究。本研究透過文獻回顧與台北市都市更新之現況分析後，掌握可能之影響變數，藉由實證資料之蒐集與相關變數之選取，將資料進行複迴歸實證分析，以探討影響都市更新合建分配比率之顯著變數。 本研究篩選出可能影響合建分配比率之14個自變項，並排除相關係較高之土地所有權人數及建築成本兩變數後，透過複迴歸分析，結果顯示有8項達顯著性之影響因素，其中個別屬性變數包括每人土地面積、每容積公告土地現值、平均容積率、臨路寬度與臨路寬度平方、都市更新容積獎勵率、區域房價等6項達顯著性，除臨路寬度平方與都市更新合建分配比率呈負向關係外，其他皆呈正向關係，而在總體經濟變數有上一月基準利率及上一季M2年增率等2項達顯著性，其中上一月基準利率與都市更新合建分配比率呈負向關係，而上一季M2年增率與都市更新合建分配比率呈正向關係。 由實證結果得知，增加都市更新容積獎勵，確實有助提昇地主合建分配比率，因此，政府應適度調整容積獎勵項目及上限，使地主參加都市更新後，能獲得較佳之居住環境與較高之居住面積水準，甚至保障地主原居住面積水準，以增加地主參與都市更新之意願。期望政府持續大力推動都市更新政策，透過建築規劃及設計，達到改善市容、美化環境、增進公共安全及提昇居住水準等政策目的，進而達到政府、地主及開發商三贏之目標。 / Most of the past research studies on urban renewal involves analysis in the related regulations and their shortcomings. Furthermore, studies based on allocation of land owners’ equity rights are mostly done from perspective of the rules set from the government supervised appraisal process known as Rights Transformation. Few of them are conducted using the quantitative approach to derive the equity rights of the landowners from the perspective of the process known as Joint Development --- a process of private negotiation and derived terms. Thus, through analysing research articles and the current state of the urban renewal projects in Taipei, this study first intends to identify the possible variables that might affect the equity share distribution. Then using regression analysis based on the selected variables and collections of empirical data, this study explores and derives variables of significant impacts on the equity share distribution between developers and landowners in jointly developed urban renewal projects. This research has screened 14 independent variables that might have impact the equity share distribution. Results of regression analysis identify 8 significant factors, including land area per owner, government assesed land value per floor area, average floor area ratio, road width, square of road width, floor area incentive for urban renewal, and surrounding area housing value. Most of the variables have positive relationships with the landowners’ equity except for the square of road width. Macroeconomic variables such as last month’s prime interest rate and M2 growth rate in the previous quarter are found to have significant impact as well. Of which, prime interest rate is found to have negative relationship with landowners’ equity, and M2 growth rate is found to have positive relationship. Based on this empirical study, the result shows that increasing urban renewal floor area incentives indeed enhances landowners’ equity rights in a jointly developed urban renewal project. Thus, government should adjust appropriately each of the floor area incentives and their maximum allowed limits, giving the original residents a better living environment and a slightly larger living space from the redeveloped project. Furthermore, to increase the willingness of the original residents’ participation in urban renewal projects, the government could guarantee the retention of their floor area in the redeveloped projects to be the same as the floor area before urban renewal. The government should continue to promote its urban renewal policy. Proper architecture planning and design will improve the city’s appearance and the environment, as well as enhancing public safety and living standards - through which the government will not only achieve its policy objectives, but also create a win-win situation between the developers, landowners, and the government itself.

現行不動產大量估價主要以特徵價格模型為基礎進行價格之預估，而常以鄰里、轄區或次市場虛擬變數或是與特定公共設施之距離作為控制區位價值之變數。惟僅以次市場變數之係數或是距離特定公共設施距離之係數衡量樣本之區位價值，則因係數之僵化性弱化或低估區位對不動產價格之影響，導致大量估價模型之精度難以突破。 本研究以區位價值波面之概念建立條件式殘差擬合變數，從空間角度評估各樣本之區位價值並以量化數值呈現各樣本區位價值之高低，在細膩處理區位價值下模型之預估能力相對提升。實證結果顯示，整體模型之絕對誤差平均值為10.1%，而10%、20%誤差命中率達62.9%、87.9%，相對優於過去研究之模型預估能力；另外，經過區域侷限性測驗發現，條件式殘差擬合變數修正模型不受次市場之侷限，對於是否劃分模型次市場已不影響模型之預估能力，且經由實證發現，當實價登錄樣本愈趨豐富時，模型之預估能力將更加提升，值得作為後續建立大量估價模型之參考。 / Hedonic model is the most commonly-used tool for real estate mass appraisal, and neighborhoods, districts or sub-market dummies or the distance from the specific public facilities are the common variables used to control the value of location in the model. However, controlling the location value by these ways leads to the coefficient rigidities, making it possible to underestimate the value of the location. This research sets up the conditional-selected residual fitting variable by the concept of location value response surface, and estimates the location value from the spatial perspective. The result shows that the MAPE of the model is 10.1%, and the hit-rate of 10% and 20% come to 62.9% and 87.9%, having significant improvement compared with the past studies. Besides, by the confinement test of sub-market, it has been proved that the CRF modified model successfully gets rid of confinement from the sub-market, and whether dividing sub-markets or not no longer affects the prediction capability of the model. Another test giving us new images that, when the train data gets richer as time goes, the prediction capability of the model gets higher as well.

估價理論中分離房地價格的原理，可分為土地貢獻說、聯合貢獻說及建物貢獻說，由於土地貢獻說及聯合貢獻說兩者運用常產生爭議，故本文利用89年至92年內政部房地產交易價格簡訊的台北市房地交易資料，根據特徵價格理論，建立不同房地價格分離方法的地價模型，比較以何種分離原則所產生的地價資料較為合理，並進行地價指數建立及公告土地現值評估，與現今相關地價制度比較之。 實證結果發現，在控制相同自變數的地價模型，聯合貢獻說分離地價資料所建立地價模型，其自變數顯著程度、模型解釋力、AIC與BIC值、樣本外估計誤差均較土地貢獻模型佳，故以聯合貢獻說分離房地價格較為合理，此外，土地貢獻說分離地價平均高於聯合貢獻說分離地價13.13%。而與現今公部門分離方法比較上，發現地價調查估計規則的房地分離方法，在建物價格估算上多考量裝潢費用，造成高估房地的建物價格，而其地價模型在自變數顯著程度、模型解釋力、AIC與BIC值均較聯合貢獻模型差，表示以地價調查估計規則所估計地價，並非最佳地價資料，而其分離地價平均低於以聯合貢獻說分離地價7.98%。在地價指數方面，發現以控制土地品質地價指數的趨勢較接近房價指數，且較能確實反映市場情形，其為內政部地價指數不足之處，主要是因內政部未控制選樣品質造成指數趨勢變動偏離所致。 而於公告土地現值評估部分發現，台北市特徵價格模型估計地價與公告土地現值約差三成左右，其與政府說明的公告土地現值與市價間的兩成差距，有所差距，由分離方法價差可知政府以較低的分離地價進行地價區段劃分，再定出公告土地現值，反而使公告土地現值與市價間的差距越拉越大。而於各變數的價差中發現臨街關係與使用分區的價差有逐漸增加的趨勢，可見公告土地現值評估於個別因素修正不足，於區位因素上則無價差增加的情形，故公告土地現值評估於區域因素修正較為足夠。

近年來，公部門或私部門多有土地價值評估之需要，現今土地交易課稅稅基與私部門投資抵押評估上，多未考量土地與建物個別因素應相互影響價值之因素，導致已開發土地價值評估產生偏誤，故如何合理自房地價格中分離已開發土地價值，是現行土地評價之重要課題。在房地價格分離之相關研究中，如何精準區分土地和建物價值影響因素為其關鍵的基石，而不同房地價格分離方法間差異，亦為本研究探討之議題。 本研究利用特徵價格模型分析方法，以臺北市區分所有建物之住宅交易案例為研究對象，建立複迴歸模型以分離房地價格。實證結果指出臺北市房地價格隨屋齡增加，呈現先遞減後遞增之變化，驗證高屋齡下土地再開發價值之存在，並發現各屋齡分層間土地移轉面積、管理維護對房地價格影響程度不同，藉以有效區分屋齡對土地與建物價值之影響；而現行實務上常見之土地抽取法，在分離房地價格上恐有高估已開發土地價值，以及放大價值漲幅與縮小價值跌幅之問題，顯示其建物成本價值評估過於僵固，將產生偏誤，使建物價值無法有效隨市場景氣變動。此外，透過分量迴歸模型檢驗，其結果顯示已開發土地價值與高屋齡效果間呈現正向關係，亦指價值愈高，其土地再開發價值影響愈顯著。最後，本研究統整相關實證結果，釐清現行房地價格分離上之問題，盼能改善與提升土地價值之評估能力與精準度。 / In recent years, land value assessments have been needed for different purpose. The current assessing of land transaction taxable base and mortgage demands does not consider the individual factors of lands and structures should affect the value of each other, resulting in the developed land value assessment has generated errors. Therefore, how to decompose housing price reasonably and analyze the developed land value is important for land value assessments. 　　This study establishes multiple regression model by selecting residential condominium sale data in Taipei City as sample, in order to decompose the housing price into developed land and structure value. The empirical results show that the reversion of housing price is due to the redevelopment value, and land area and level of maintenance have impact on housing price in different age variables. Besides, we also find that it has a positive relationship between developed land value and redevelopment value effect on price, and land extraction method probably has some problems in overestimation of developed land value, resulting in miscounting of land price fluctuation. According to the aforementioned, this study concludes with some issues of decomposition housing price for improving and enhancing the accuracy of land value assessments.

近年來影城結合商場、娛樂及餐飲，如雨後春筍般出現，建商售屋亦常以影城為吸睛廣告，對消費者而言，影城對周邊住宅價格影響是否存有關聯性係其購屋選擇關心條件之一，然而現今影城的類型大不相同，且觀察到影城大多座落於商圈內或是與百貨商場結合。因此，本研究將影城、商圈與住宅價格的相關程度做交叉分析，以初步了解其關聯程度，並應用集群分析以控制異質樣本，使得形成同質性的房屋屬性來看影城效果，再透過複迴歸模型分析，探討不同類型的影城、商圈與周邊住宅價格之影響關係。 透過複迴歸模型實證結果得知，影城對台北市周邊住宅價格是有影響的，以總價1,000萬元房屋，平均而言，正向的價差介於41萬元至310萬元之間，負向的價差則介於30萬元至271萬元之間，並且正向的價差高於負向的價差。進一步將影城依經營模式及服務方式分類進行實證，採連鎖經營模式的影城周邊房價價差約為40萬元，而提供複合式服務或僅提供單一式服務的影城，對房價的影響差別不大。該結果可提供消費者在評估購買房屋時之參考，亦可作為開發商與銷售業者在預售屋訂價策略及廣告遵循原則。 此外，由於消費型態的改變，消費者習慣將看電影結合其他休閒活動，這些由百貨公司以及電影院異業結盟的商圈更得消費者青睞，影城進駐與商圈發展之關係相輔相成，進而影響新北市周邊住宅價格，以總價1,000萬元房屋，平均來說，影城進駐商圈後能提升房價139萬元。 / These years combination-area of cinemas, malls, recreation and catering are springing up as well as being the eye-catching advertisement of building-contractors. In terms of house-buyers, the correlation between cinemas and the neighborhood housing price is one of the conditions they care. Nevertheless, with the variety of the cineplex-cinema currently and mostly locate in business districts and department stores, our study make a cross analysis between cineplex, cinema, business districts with residential price for their correlation. With cluster analysis to control the heterogeneous samples and to evaluate the price-effect of cineplex-cinemas under the homogeneous housing. Furthermore to multiple regression analyze cinema stationed-in commercial-district and their neighborhood housing price. Our study confirmed the cineplex-cinemas are influential to the Taipei City surrounding-area residential price. For the ten million house, averagely the positive-impact is between four hundred ten thousand to 3.1 million. Negative-impact is between three hundred thousand to 2.71 million. Besides, the housing price different positive effect is higher than the negative one. Further to verify type-mode cinemas: the price difference in neighborhood-area is four hundred thousand with franchise management type-mode. However, there is no price difference with complex and single-service type-mode. Housing-buyer can take the result as consideration during purchasing houses as well as real estate developers and salesman in pricing strategy and advertisement principles of pre-sale houses. Additionally, with the change of consumption patterns, consumers get use to watch movies together with other recreation. Thus commercial-districts combining with department stores and cinemas are more favored. The cinema stationed-in and commercial-district development are complemented each other, therefore to affect the neighborhood housing price in New Taipei City. For the ten million house, averagely, the positive price-different effect is one million and three hundred nighty thousand after the cinema stationed-in.

人類的思考決策與行為結果，大多是依循一個明確的市場制度而為的，故市場經濟制度的重要性，就在於有利個人形成如何有效配置資源的合理預期，同時也富有約束及激勵個人行為的誘因，讓個人能在制度約束的條件下，追求自利動機的極大化。都市空地再利用及市地重劃的法令制度，就具有這樣的經濟效應，所以本研究主要在探討，在空地再利用及市地重劃制度的約束與激勵條件下，都市中的經濟人行為決策與個體互動所形成的空間外部性，其會如何反應在住宅土地價格的變動，以探討空地再利用及空地開發所產生的空間外部性對住宅土地價格之影響。本文主要包括（1）空地再利用對住宅土地價格之影響；（2）空地再利用及鄰里土地開發對新建住宅土地價格之影響；（3）空間外部性、交易成本與市地重劃對新建住宅土地價格之影響等。 首先，有關「空地再利用對住宅土地價格之影響」，本文以Geoghegan（2002）的理論模型為基礎，主要探討空地再利用所產生的開放空間效果，其對於住宅土地價格的影響分析。本文運用地理資訊系統及空間計量分析，並建立民國九十三年及九十四年住宅土地的特徵價格模型，研究對象以台南市為例。實證結果發現，公有空地再利用作為公園及臨時停車場使用，其對於住宅土地價格產生正的空間外溢效果，此表示空地再利用所產生的開放空間的外溢利益，其大於空地管理維護的外溢成本。私有空地再利用作為運動場使用，民國九十三年的外部成本大於外部利益，但於民國九十四年的外部利益大於外部成本，故就私有空地再利用的外溢效果而言，私有空地再利用作為運動場使用的外溢效果可由負向轉為正向。公有空地再利用的邊際價格較私有空地再利用的邊際價格為高，故政府應繼續推動公有空地再利用的政策，以彌補鄰里的開放空間不足。 其次，有關「空地再利用及鄰里土地開發對新建住宅土地價格之影響」，本文主要在探討空地再利用所產生的開放空間效果，及鄰里土地開發所產生的空間外溢效果，兩者對於新建住宅土地價格的影響分析，本研究範圍以台南市民國九十三年的新建住宅為對象。實證結果發現，公有空地再利用對於新建住宅土地價格具有正的空間外溢效果，此表示開放空間的外溢利益大於空地管理維護的外溢成本。鄰里土地開發作為住宅使用時，會對新建住宅土地價格形成正的空間外溢效果，但當鄰里土地開發作為工廠使用時，卻會對新建住宅土地價格形成負的空間外溢效果。最有價值的住宅土地為，開放空間數量最大化及土地開發數量的最小化，故當永久性的開放空間(如鄰里公園)、可開發性的開放空間(如公有空地再利用)數量增加，以及鄰里工廠土地開發數量減少等，其將有助提高新建住宅土地價格。 最後，有關「空間外部性、交易成本與市地重劃對新建住宅土地價格之影響」，本文主要從政府實施市地重劃有助於降低交易成本的觀點，探討政府實施市地重劃制度及建設商的土地開發行為所產生的空間外部性，其反應在新建住宅土地價格的影響。本文運用空間計量分析及地理資訊系統，並結合Box-Cox函數轉換，以建構具有空間外部性的特徵價格模型。本文研究範圍以台南市民國八十年、八十五年及九十年的新建住宅為對象。實證結果得知，空間誤差Box-Cox模型對於空間外部性提供良好的解釋力。政府實施市地重劃之後對住宅土地價格具有正向外部性，且有政府參與的重劃區所反應的住宅土地邊際價格為正向關係。而建設商個體互動關係則具有正向及負向外部性，並在長期下出現由正向轉為負向之情況，此證明空間外部性會呈現相互性的現象，進而反應在新建住宅土地價格上會有增減的作用。 / This study mainly assumes that development of vacant land give rise to spatial externalities from the reuse of vacant land and the institution of land readjustment. Finally, this effect will be reflected in the residential land prices. To test this hypothesis, this study applies spatial econometric and geographic information systems based on hedonic pricing model. This study mainly includes that (1) The Impact of Reusing Vacant Land on Residential Land Prices, ( 2) The Impact of Reusing Vacant Land and Neighboring Land Development on Newly-Built Residential Land Prices, ( 3) The Impact of Spatial Externalities, Transaction Costs and Land Readjustment on Newly-Built Residential Land Prices, and evidence from Tainan City in Taiwan. First of all, about’ The Impact of Reusing Vacant Land on Residential Land Prices’, This study is based on Geoghegan’s theoretical model (2002) and focuses on open space effect of reusing vacant land on residential land prices. The data are selected from residential land prices in 2004, 2005. Empirically, I find that the reuse of publicly-owned vacant land used for green and park has positive spatial spillover effects. This means that spillover benefit of open space is more than spillover cost of vacant land management. The reuse of privately-owned vacant land used for sport has negative spatial spillover effects in 2004. The marginal price of publicly-owned vacant land is over than privately-owned vacant land. It is concluded that, the government should continue promoting the reuse of publicly-owned vacant land and used for open space of the neighborhood. Secondly, about’ The Impact of Reusing Vacant Land and Neighboring Land Development on Newly-Built Residential Land Prices’, This study focuses on open space effect of reusing vacant land and spatial spillover effect of neighboring land development on newly-built residential land prices. The data are selected from newly-built residence in 2004. Empirically, I find that the reuse of publicly-owned vacant land has positive spatial spillover effects on newly-built residential land prices. This means that spillover benefit of open space is more than spillover cost of vacant land management. Land development used for residence has positive spatial spillover effects and used for factory has negative spatial spillover effects in a neighborhood. This means that more the reuse of publicly-owned vacant land will increase newly-built residential land prices, while more land development used for factory will decrease newly-built residential land prices in a neighborhood. Finally, about’ The Impact of Spatial Externalities, Transaction Costs and Land Readjustment on Newly-Built Residential Land Prices’, This Study mainly assumes that land readjustment can reduce transaction costs in terms of the spatial externalities from developers’ behavior and the institution of land readjustment. This effect will be reflected in the newly-built residential land prices. To test this hypothesis, I apply spatial econometric analysis and geographic information systems based on the Box-Cox hedonic pricing model. The data are selected from newly-built residence from between 1991, 1996 and 2001. Empirically, I find that the spatial error Box-Cox model is appropriate for engaging in spatial externalities analysis. This is because the results show that land readjustment gives rise to positive spatial externalities on newly-built residential land prices and the marginal price of residential land in areas where land readjustment takes place is also positive. The effects of developers’ interactions give rise to positive spatial externalities but these change to negative spatial externalities in relation to newly-built residential land prices in the long term. It is concluded that, land readjustment as implemented by the government really does contribute to reducing uncertainty in the land development process, and also reduces transaction costs between construction practitioners and landlords.