Land Price Discovery in a City with Changing Land Uses: A Study of Spatial Interactions in Office Market in Beijing
The rapid development of land market in Chinese cities provides us an opportunity to study how land price responds to land use change. In this paper, we focus on how the cumulative amount of new development projects in Beijing affect the price of individual parcels of office land using data from land lease transactions in Beijing from 1993 to 2004. For each parcel of land in our sample, we compute the distance-weighted cumulative amounts of new space by development types (office, retail and high-end residential) surrounding the parcel. We call these amounts location potentials, which we use to capture spatial interactions in office market in the city. Our findings indicate that external economies play great role in firms’ location choice. Firms benefit from the spatial interactions through interfirm linkage. The benefit is more significant for F.I.R.E. Firms and also more significant over time. And the spatial linkage with F.I.R.E. Firms plays more important role for firms’ productivity. Firms benefit from the location affinity to retail and service, especially for the firms which are farther from CBD. Senior managers of F.I.R.E.Firms pay more attention to the housing-job proximity. Both living quality and commuting costs affect their location decisions.
land price spatial interaction office Beijing
REN Rongrong FU Yuming LIU Hongyu
Institute of Real Estate Studies, Tsinghua University, Beijing 100084, China Department of Real Estate, National University of Singapore, 4 Architecture Drive, Singapore 17566
国际会议
杭州
英文
2007-10-13（万方平台首次上网日期，不代表论文的发表时间）