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Hedonic Price Effects of Walkability, Public Transit, and Transportation in the Toronto CMA

Recent consumer surveys and demographic analyses indicate a growing demand for pedestrian and transit designed development. This thesis presents an analysis of office rents in the Toronto Census Metropolitan Area of Ontario, Canada. The effects of building quality, accessibility, and location are explored with a specific focus on the influences of walkability, public transit and private transit accessibility. The theoretical background of this research is related to the hedonic methodology, which is extensively used for explaining transaction price or rental price variations of real property. Cross sectional data of the Toronto CMA office market from the year 2010 is utilized for the hedonic price estimation. The hedonic price function is specified in the log linear form and is estimated with linear regression in SPSS. The analysis of over 2,000 asking rental rates reveals that buildings with high Walkscores and excellent accessibility to public transit and transportation infrastructure command significantly higher rents as compared to buildings with fewer nearby amenities and accessibility. The walkability findings are the first of their kind for Toronto and Canadian office markets and in line with results documented for the US office market and European office market.

Identiferoai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0703112-111626
Date03 July 2012
CreatorsChad, Gemmell
ContributorsWanncherng Wang, David Emanuel Andersson, Oliver Shyr
PublisherNSYSU
Source SetsNSYSU Electronic Thesis and Dissertation Archive
LanguageEnglish
Detected LanguageEnglish
Typetext
Formatapplication/pdf
Sourcehttp://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0703112-111626
Rightsunrestricted, Copyright information available at source archive

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