Transport Accessibility and Land Value – A Commercial property price model for Northern England

The central aim of this study was to use newly-developed models to develop the evidence base on the relationship between transport accessibility and commercial property prices. Understanding commercial property impacts help understand the benefits following transport interventions and potential revenues from land value capture. In developing a set of hedonic models of commercial property value for the TfN area, we allowed for a detailed analysis of the role of accessibility, by multiple modes. Our models include business-to-business (B2B) accessibility, as well as business-to-labour (B2L) accessibility, to take into account important linkages between businesses as well as access to labour/customers. Our modelling results found significant impacts for floorspace, nearby tram stops, local area employment density, income and deprivation measures. For accessibility, the picture is more nuanced with different accessibility measures emerging as important for different property types.