Eun-Sang Jung and Jun-Hyung Kim (2020. 6), "Subway Station Accessibility, Building Values, and Pedestrian Commercial Areas: The Case of Downtown Seoul," Journal of the Korea Planners Association, 55(3): 81-93.
정은상·김준형 (2020. 6), “지하철역과의 거리와 건물의 가치, 그리고 보행상권: 종로구와 중구의 비주거용 건물을 중심으로”, 「국토계획」, 55(3): 81-93.
Abstract
The general view is that the more accessible a subway station, the higher the value of the building. However, the existing empirical analyses indicate that the relationship between distance to the subway station and building value is not consistently negative. Therefore, this study carries out various analyses based on the hypothesis that the price of the building is affected by the presence of a pedestrian commercial area and the width of the road. According to a survey of 746 non-residential buildings located in Jongno-gu and Jung-gu (in Seoul), this study finds that the closer the subway station, the higher the price of the building. However, buildings located in a pedestrian area showed a positive relationship between distance from the subway station and price of the building. Based on the results, we can infer that the assumption that a building is worth more when it is closer to a subway station cannot be generalized for all regions. In some areas, less accessible but walkable environments should be welcomed in light of the value of buildings and districts.
Keywords
Commercial Property, Pedestrian Commercial Area, Investment in Public Transportation, Placeness, Walkable Street