The impact of walkability on the sales price of commercial properties when controlling for the effects of economic recession: A case study of Omaha, Nebraska

Rebecca Ivey, Bradley Bereitschaft

Research output: Contribution to journalArticlepeer-review

Abstract

In this paper, we assess the potential impact of walkability on commercial property sales prices in Omaha, Nebraska in the years during and following the "Great Recession."Walkability was determined using Walk Scores provided by Walkscore.com; commercial property sale prices were acquired from the Douglas County, NE (the core county of the Omaha metro) Assessor's Office. The relationship between commercial sales price and walkability between 2008 and 2018 was evaluated using a multiple linear regression model based on hedonic price theory. A variable to indicate time period (either 2008-2012 to denote "recession years"or 2013-2018 to denote "post-recession years") was added to the model to investigate the potential impact of walkability on sales prices while controlling for the effect of the Great Recession. We observed a significant positive relationship between walkability and commercial property sales prices across all models.

Original languageEnglish (US)
Pages (from-to)43-59
Number of pages17
JournalJournal of Real Estate Literature
Volume29
Issue number1
DOIs
StatePublished - 2021

Keywords

  • Commercial real estate
  • Hedonic modeling
  • Price resilience
  • Sales price
  • Walk score
  • Walkability

ASJC Scopus subject areas

  • Business, Management and Accounting (miscellaneous)
  • Economics, Econometrics and Finance (miscellaneous)

Fingerprint

Dive into the research topics of 'The impact of walkability on the sales price of commercial properties when controlling for the effects of economic recession: A case study of Omaha, Nebraska'. Together they form a unique fingerprint.

Cite this