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題名 大眾捷運系統對辦公大樓租金之影響
The Impact of Metro System on Office Rents作者 林欣樺 貢獻者 劉小蘭
林欣樺關鍵詞 捷運系統
辦公大樓租金
追蹤資料
二元固定效果模型日期 2015 上傳時間 1-三月-2016 10:48:44 (UTC+8) 摘要 都市規模不斷擴大,為解決龐大繁重的都市交通運輸問題,大眾捷運系統因應而生。捷運系統不但會改變原有的都市空間結構,不動產的區位條件與市場供需結構也隨之改變,進而資本化於不動產價格中,國外文獻即發現捷運系統對於不動產價格確實有正向影響,且不動產價格隨與車站距離增加而遞減;國內相關捷運系統相關之不動產市場研究,對於住宅領域之研究較為具體,不同類型之不動產產品如辦公大樓間仍未見討論。本研究針對國內缺乏之捷運系統資本化效果對辦公大樓租金之影響進行分析,以台北市2005年至2014年之辦公大樓租金追蹤資料(panel data),採用二元固定效果模型分析區域特定固定效果及時間特定固定效果對於辦公大樓租金的影響。然而,礙於固定效果模型未能處理不隨時間變化而變動之變數,本研究進一步以普通最小平方法分析區域固定效果之截距項,將辦公大樓總供給面積、面臨路寬及至市中心距離等不隨時間變動之因素納入分析。實證結果顯示出台北捷運系統對於辦公大樓租金亦有正向之提升效果,而距離捷運車站越遠之辦公大樓租金將隨距離而下降,同時,除了至最近捷運站之距離該項變數外,實證結果亦顯示辦公大樓租金受大樓總供給面積、空置面積、屋齡平方項、至市中心距離等因素影響。 參考文獻 台北捷運公司,2014,台北大眾捷運股份有限公司網站,2014年12月04日,取自 http://www.trtc. com.tw/c/李朝賢,1993,『區域發展規劃』,台北:華泰書局。洪德洋、林祖嘉,1999,「台北市捷運系統與道路寬度對房屋價格影響之研究」,『住宅學報』,第八期,第47-67頁。徐永明、林昌平,2009,「選舉縱橫資料中地區效果的測量:以民進黨得票率的變化為例1986-2004」,『人文及社會科學集刊』,第九期,第431-465頁。馮正民、曾帄毅、王冠斐,1994,「捷運系統對車站地區房價之影響」,『都市與計劃』,第21卷,第1期,第25-45頁。黃名義,1999,「台北市辦公室市場租金之研究」,『中華民國住宅學會第八屆年會論文集』,第76-93頁。黃名義,2001,「辦公室市場租金與區位之研究」,國立政治大學地政研究所博士論文:台北市。彭建文、楊宗憲、楊詩韻,2009,「捷運系統對不同區位房價影響分析─以營運階段為例」,『運輸計劃季刊』,38(3):275-296。曾翊瑋,2006,「租戶結構對辦公大樓租金收益穩定性之影響-兼論辦公大樓投資組合分析」,國立政治大學地政研究所碩士論文:台北市。張嘉宇,2008,「台北市辦公大樓租金影響因素分析-以物業管理觀點之分析」,國立政治大學地政研究所碩士論文:台北市。二、外文參考文獻Alonso, W.,1964, Location and land use: Toward a general theory of land rent, Cambridge, MA:Harvard University Press.Armstrong, R. J. and Rodriguez, D. A., 2006, “An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts Using Spatial Hedonic Price Functions.”Transportation, 33(1), pp.21-43.Bajic, V., 1983,“The Effect of a New Subway Line on Housing Prices in Metropolitan Toronto”, Urban Studies, 20: 147-158.Bollinger, C. Ihlanfeldt, K. and Bowes, D., 1998,“Spatial Variation in Office Rents within the Atlanta Region”, Urban Studies, Vol. 35, No. 7, 1097-1118Bowes, D. R. and Ihlanfeldt, K. R., 2001, “Identifying the Impacts of Rail Transit Stations on Residential Property Values”, Journal of Urban Economics, 50: 1-25.Clapp,J.M.,1993,”Dynamics Of Office Markets”,AREUEA Monograph Series,No.1, Coffman, C. and Gregson, M. E., 1998,“Railroad Development and Land Value.”, Journal of Real Estate Finance and Economics,16(2), pp.191-204.Craig, L. A., Palmquist, R. B. and Weiss, T., 1998,“Transportation Improvements and Land Values in the Antebellum United States: A Hedonic Approach.”Journal of Real Estate Finance and Economics,16(2), pp.173-89.Cervero, R. 1994,“Rail Transit and Joint Development: Land Market Impacts in Washington, D.C.and Atlanta”, Journal of the American Planning Association, Vol. 60, No. 1, pp. 83-94.Cervero, R. and Duncan, M. 2002, “Benefits of Proximity to Rail on Housing Market: Experience in Santa Clara County”, Journal of Public Transportation, 5(1): 1-18.Cervero, R. and Landis, J. 1993,“Assessing the Impacts of Urban Rail Transit on Local Real Estate Markets Using Quasi-Experimental Comparisons.”,Transportation Research A, Vol. 27, No. 1, pp. 13-22.Cervero, R. and Landis, J., 1997,“Twenty Years of the Bay Area Rapid Transit System: Land Use andDevelopment Impacts.”, Transportation Research A, Vol. 31, No. 4, pp. 309-333.Damm, D., Lerman, S. R., Lerner-Lam, E., and Young, J., 1980,“Response of Urban Real Estate Values in Anticipation of the Washington Metro.”,Journal of Transport Economics and Policy, 14, pp.315-336.Debrezion,G., Pels, E., and Rietveld, P., 2007,“The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis.”,Journal of Real Estate Finance and Economics, 35, pp.161-180. Dewess, D. N., 1976,“The Effect of a Subway Improvement on Residential Property Values in Toronto.”,Journal of Urban Economics, 3, pp.357-369. Dunphy, R., 1995,“Transit-Oriented Development: Making a Difference?”, Urban Land, July, pp. 32-36,Falcke, C. O., 1978,Study of BART’s Effects on Property Prices and Rents. Washington, D.C.: Urban Mass Transportation Administration, U.S. Department of Transportation.Gatzlaff, D. H. and Smith, M. T., 1993,“The Impact of the Miami Metrorail on Value of Residences Near Station Locations.”,Land Economics. 69, pp.54-66. Gat,D.,1998, “Urban Focal Points And Design Quality Influence Rents:TheCase Of The Tel Aviv Office Market” The Journal Of Real EstateResearch,Vol.16,No.2,pp.229-47.Glascock,J.L., Shirin Jahanian and Sirmans,C.F.,1990, “An Analysis Of Office Market Rents:Some EmpiricalEvidence”,AREUEA Journal, Vol.18,No.1,pp.105-19.Hansen W G, 1959, “How accessibility shapes land-use”,Journal of the American Institute of Planners, 25 73-76Hough,D.E.and Kratz,C.G.,1983,“Can ‘Good’ Architecture Meet The Market Test?”Journal OfUrban Economics,Aug-ust,pp.40-50,Landis, J., Guhathakurta, S., and Zhang, M., 1994,Capitalization of transit investments into single-family home prices: A comparative analysis of five California rail transit systems, University of California Transportation Center.Landis, J. and Loutzenheiser, D., 1995,BART at 20: BART Access and Office Building Performance, Berkeley: Institute of Urban and Regional Development, University of California.Mills,E.S.,1992, “Office Rent Determinants In The Chicago Area”AREUEAJournal,Vol.20,No.1,pp. 273-87.McMillen, D.P. and McDonald, J., 2004,“Reaction of Prices to a New Rapid Transit Line:Chicago’s Midway Line, 1983-1999.”,Real Estate Economics. 32(3), pp.463-486. McNeal, A. and Doggett, R., 1999,“Metro Makes Its Mark.”,Urban Land , September, pp. 78-81, 118.Nelson, A., 1999,“Transit Stations and Commercial Property Values: A Case Study with Policy and Land-Use Implications.”,Journal of Public Transportation, Vol. 2, No. 3, 1999, pp. 77-93.Thomas P.Brennan, Roger E.Cannaday and Peter F.Colwell, “Office Rent In The Chicago CBD”,AREUEA Journal,Vol.12,No.3,1984。Voith, R., 1991,“Transportation, Sorting and House Values.”Real Estate Economics, 19(2), pp.117-137. Wheaton, W.C. and Torto,R.G., 1988, “Vacancy Rates And The Future Of OfficeRents”AREUEAJournal,Vol.16,No.4,pp. 430-36.Weinberger, R., 2000,“Commercial Property Values and Proximity to Light Rail: Calculating Benefits with a Hedonic Price Model.”,Paper presented at the 79th, Annual meeting of the Transportation Research Board., Washington, D.C.Weinberger, R. 2001.,“Light Rail Proximity: Benefit or Detriment? The Case of Santa Clara County, California.”Paper presented at the 80th, Annual meeting of the Transportation Research Board., Washington, D.C.Weinstein, B. and Clower, T., 1999,The Initial Economic Impacts of the DART LRT System,report prepared for the Dallas Area Rapid Transit District.Denton, Texas: University of North Texas, Center for Economic Development and Research. 描述 碩士
國立政治大學
地政學系
102257022資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102257022 資料類型 thesis dc.contributor.advisor 劉小蘭 zh_TW dc.contributor.author (作者) 林欣樺 zh_TW dc.creator (作者) 林欣樺 zh_TW dc.date (日期) 2015 en_US dc.date.accessioned 1-三月-2016 10:48:44 (UTC+8) - dc.date.available 1-三月-2016 10:48:44 (UTC+8) - dc.date.issued (上傳時間) 1-三月-2016 10:48:44 (UTC+8) - dc.identifier (其他 識別碼) G0102257022 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/81566 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 地政學系 zh_TW dc.description (描述) 102257022 zh_TW dc.description.abstract (摘要) 都市規模不斷擴大,為解決龐大繁重的都市交通運輸問題,大眾捷運系統因應而生。捷運系統不但會改變原有的都市空間結構,不動產的區位條件與市場供需結構也隨之改變,進而資本化於不動產價格中,國外文獻即發現捷運系統對於不動產價格確實有正向影響,且不動產價格隨與車站距離增加而遞減;國內相關捷運系統相關之不動產市場研究,對於住宅領域之研究較為具體,不同類型之不動產產品如辦公大樓間仍未見討論。本研究針對國內缺乏之捷運系統資本化效果對辦公大樓租金之影響進行分析,以台北市2005年至2014年之辦公大樓租金追蹤資料(panel data),採用二元固定效果模型分析區域特定固定效果及時間特定固定效果對於辦公大樓租金的影響。然而,礙於固定效果模型未能處理不隨時間變化而變動之變數,本研究進一步以普通最小平方法分析區域固定效果之截距項,將辦公大樓總供給面積、面臨路寬及至市中心距離等不隨時間變動之因素納入分析。實證結果顯示出台北捷運系統對於辦公大樓租金亦有正向之提升效果,而距離捷運車站越遠之辦公大樓租金將隨距離而下降,同時,除了至最近捷運站之距離該項變數外,實證結果亦顯示辦公大樓租金受大樓總供給面積、空置面積、屋齡平方項、至市中心距離等因素影響。 zh_TW dc.description.tableofcontents 目錄 i表目錄 ii圖目錄 iii第一章緒論 1第一節 研究動機與目的 1第二節 研究範圍與方法 4第三節 研究架構與流程 9第二章相關理論與文獻回顧 11第一節 運輸成本與都市空間結構 11第二節交通運輸對不動產價格之影響 14第三節 捷運對辦公大樓租金之影響 17第四節辦公大樓租金影響因素 20第五節小結 23第三章研究設計與資料分析 24第一節 研究設計 24第二節 模型設定限制 29第三節 實證模型設定 31第四節 資料說明與敘述統計 33第四章實證結果與分析 38第一節 固定效果模型實證分析 38第二節 二元固定效果實證分析 41第三節 普通最小平方法實證分析 46第五章結論與建議 48第一節 結論 48第二節 研究限制與建議 50參考文獻 51 zh_TW dc.format.extent 1199017 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102257022 en_US dc.subject (關鍵詞) 捷運系統 zh_TW dc.subject (關鍵詞) 辦公大樓租金 zh_TW dc.subject (關鍵詞) 追蹤資料 zh_TW dc.subject (關鍵詞) 二元固定效果模型 zh_TW dc.title (題名) 大眾捷運系統對辦公大樓租金之影響 zh_TW dc.title (題名) The Impact of Metro System on Office Rents en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 台北捷運公司,2014,台北大眾捷運股份有限公司網站,2014年12月04日,取自 http://www.trtc. com.tw/c/李朝賢,1993,『區域發展規劃』,台北:華泰書局。洪德洋、林祖嘉,1999,「台北市捷運系統與道路寬度對房屋價格影響之研究」,『住宅學報』,第八期,第47-67頁。徐永明、林昌平,2009,「選舉縱橫資料中地區效果的測量:以民進黨得票率的變化為例1986-2004」,『人文及社會科學集刊』,第九期,第431-465頁。馮正民、曾帄毅、王冠斐,1994,「捷運系統對車站地區房價之影響」,『都市與計劃』,第21卷,第1期,第25-45頁。黃名義,1999,「台北市辦公室市場租金之研究」,『中華民國住宅學會第八屆年會論文集』,第76-93頁。黃名義,2001,「辦公室市場租金與區位之研究」,國立政治大學地政研究所博士論文:台北市。彭建文、楊宗憲、楊詩韻,2009,「捷運系統對不同區位房價影響分析─以營運階段為例」,『運輸計劃季刊』,38(3):275-296。曾翊瑋,2006,「租戶結構對辦公大樓租金收益穩定性之影響-兼論辦公大樓投資組合分析」,國立政治大學地政研究所碩士論文:台北市。張嘉宇,2008,「台北市辦公大樓租金影響因素分析-以物業管理觀點之分析」,國立政治大學地政研究所碩士論文:台北市。二、外文參考文獻Alonso, W.,1964, Location and land use: Toward a general theory of land rent, Cambridge, MA:Harvard University Press.Armstrong, R. J. and Rodriguez, D. A., 2006, “An Evaluation of the Accessibility Benefits of Commuter Rail in Eastern Massachusetts Using Spatial Hedonic Price Functions.”Transportation, 33(1), pp.21-43.Bajic, V., 1983,“The Effect of a New Subway Line on Housing Prices in Metropolitan Toronto”, Urban Studies, 20: 147-158.Bollinger, C. Ihlanfeldt, K. and Bowes, D., 1998,“Spatial Variation in Office Rents within the Atlanta Region”, Urban Studies, Vol. 35, No. 7, 1097-1118Bowes, D. R. and Ihlanfeldt, K. R., 2001, “Identifying the Impacts of Rail Transit Stations on Residential Property Values”, Journal of Urban Economics, 50: 1-25.Clapp,J.M.,1993,”Dynamics Of Office Markets”,AREUEA Monograph Series,No.1, Coffman, C. and Gregson, M. E., 1998,“Railroad Development and Land Value.”, Journal of Real Estate Finance and Economics,16(2), pp.191-204.Craig, L. A., Palmquist, R. B. and Weiss, T., 1998,“Transportation Improvements and Land Values in the Antebellum United States: A Hedonic Approach.”Journal of Real Estate Finance and Economics,16(2), pp.173-89.Cervero, R. 1994,“Rail Transit and Joint Development: Land Market Impacts in Washington, D.C.and Atlanta”, Journal of the American Planning Association, Vol. 60, No. 1, pp. 83-94.Cervero, R. and Duncan, M. 2002, “Benefits of Proximity to Rail on Housing Market: Experience in Santa Clara County”, Journal of Public Transportation, 5(1): 1-18.Cervero, R. and Landis, J. 1993,“Assessing the Impacts of Urban Rail Transit on Local Real Estate Markets Using Quasi-Experimental Comparisons.”,Transportation Research A, Vol. 27, No. 1, pp. 13-22.Cervero, R. and Landis, J., 1997,“Twenty Years of the Bay Area Rapid Transit System: Land Use andDevelopment Impacts.”, Transportation Research A, Vol. 31, No. 4, pp. 309-333.Damm, D., Lerman, S. R., Lerner-Lam, E., and Young, J., 1980,“Response of Urban Real Estate Values in Anticipation of the Washington Metro.”,Journal of Transport Economics and Policy, 14, pp.315-336.Debrezion,G., Pels, E., and Rietveld, P., 2007,“The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis.”,Journal of Real Estate Finance and Economics, 35, pp.161-180. Dewess, D. N., 1976,“The Effect of a Subway Improvement on Residential Property Values in Toronto.”,Journal of Urban Economics, 3, pp.357-369. Dunphy, R., 1995,“Transit-Oriented Development: Making a Difference?”, Urban Land, July, pp. 32-36,Falcke, C. O., 1978,Study of BART’s Effects on Property Prices and Rents. Washington, D.C.: Urban Mass Transportation Administration, U.S. Department of Transportation.Gatzlaff, D. H. and Smith, M. T., 1993,“The Impact of the Miami Metrorail on Value of Residences Near Station Locations.”,Land Economics. 69, pp.54-66. Gat,D.,1998, “Urban Focal Points And Design Quality Influence Rents:TheCase Of The Tel Aviv Office Market” The Journal Of Real EstateResearch,Vol.16,No.2,pp.229-47.Glascock,J.L., Shirin Jahanian and Sirmans,C.F.,1990, “An Analysis Of Office Market Rents:Some EmpiricalEvidence”,AREUEA Journal, Vol.18,No.1,pp.105-19.Hansen W G, 1959, “How accessibility shapes land-use”,Journal of the American Institute of Planners, 25 73-76Hough,D.E.and Kratz,C.G.,1983,“Can ‘Good’ Architecture Meet The Market Test?”Journal OfUrban Economics,Aug-ust,pp.40-50,Landis, J., Guhathakurta, S., and Zhang, M., 1994,Capitalization of transit investments into single-family home prices: A comparative analysis of five California rail transit systems, University of California Transportation Center.Landis, J. and Loutzenheiser, D., 1995,BART at 20: BART Access and Office Building Performance, Berkeley: Institute of Urban and Regional Development, University of California.Mills,E.S.,1992, “Office Rent Determinants In The Chicago Area”AREUEAJournal,Vol.20,No.1,pp. 273-87.McMillen, D.P. and McDonald, J., 2004,“Reaction of Prices to a New Rapid Transit Line:Chicago’s Midway Line, 1983-1999.”,Real Estate Economics. 32(3), pp.463-486. McNeal, A. and Doggett, R., 1999,“Metro Makes Its Mark.”,Urban Land , September, pp. 78-81, 118.Nelson, A., 1999,“Transit Stations and Commercial Property Values: A Case Study with Policy and Land-Use Implications.”,Journal of Public Transportation, Vol. 2, No. 3, 1999, pp. 77-93.Thomas P.Brennan, Roger E.Cannaday and Peter F.Colwell, “Office Rent In The Chicago CBD”,AREUEA Journal,Vol.12,No.3,1984。Voith, R., 1991,“Transportation, Sorting and House Values.”Real Estate Economics, 19(2), pp.117-137. Wheaton, W.C. and Torto,R.G., 1988, “Vacancy Rates And The Future Of OfficeRents”AREUEAJournal,Vol.16,No.4,pp. 430-36.Weinberger, R., 2000,“Commercial Property Values and Proximity to Light Rail: Calculating Benefits with a Hedonic Price Model.”,Paper presented at the 79th, Annual meeting of the Transportation Research Board., Washington, D.C.Weinberger, R. 2001.,“Light Rail Proximity: Benefit or Detriment? The Case of Santa Clara County, California.”Paper presented at the 80th, Annual meeting of the Transportation Research Board., Washington, D.C.Weinstein, B. and Clower, T., 1999,The Initial Economic Impacts of the DART LRT System,report prepared for the Dallas Area Rapid Transit District.Denton, Texas: University of North Texas, Center for Economic Development and Research. zh_TW