Abstract:
Scientific research suggests that accessibility has aninfluence on residential real estate values. There is, however, a lack of a holistic and integrated approach towards operationalising accessibility in these kinds of research. This, in turn, results in accessibility analyses that do not have a discrepancy between perceived- and calculated accessibility and accessibility to public transport and accessibility by public transport. This research attempts to fill this research gap, and analyse the extent to which both perceived- and calculated accessibility to public transport and by public transport, a broad set of neighbourhood characteristics and structural characteristics, influence the valuation of office buildings in the Netherlands.
The research does this by applying Structural Equation Modelling on publicly available neighbourhood data and office transaction data supplied by Savills Netherlands and by relying on a quantitative questionnaire on perceived accessibility. It is, based on a neither significant nor relevant structural model, concluded that both perceived accessibility and calculated accessibility to- and by public transport portray a positive relationship with the valuation, in terms of rent price per square metre, of office buildings in the Netherlands when accounting for property-specific characteristics and neighbourhood characteristics of the property in question.
