1# RECORD c49249533069d801725af6064afc1523fa876dc12# TITLE: Access-based land value appreciation for assessing project benefits3# YEAR: 2023.0 VENUE: Journal of Transport and Land Use DOI: 10.5198/jtlu.2023.22974# AUTHORS: Yadi Wang; D. Levinson5# PAGES: 28 CANDIDATE TABLE PAGES (1-based): []6# ABSTRACT: The traditional mobility-oriented travel-time saving benefit assessment method has been repeatedly questioned for numerous intrinsic flaws, motivating the search for alternative benefit assessment approaches. Although a wealth of literature confirms the capitalization effect of access benefits induced by transport improvements to land or real estate value, the access-based land value uplift method hasn’t yet been widely recognized and employed as an official tool assisting transport decision-making. The present paper collects 136 empirical studies and aims to disentangle the obstacles hindering the promotion of the access-based assessment method by systematically reviewing methodological design, the access metrics used, and the target real estate sub-markets or land use types upon which access benefits are quantified. First, it was found that almost half of the sampled studies just investigated the general effects of transport operation on real estate prices without incorporating sufficient temporal and locational considerations, thereby failing to isolate project-specific incremental impacts. Second, while the hedonic pricing model remains the most popular model, a trend towards embracing more advanced modelling techniques such as spatial lag, spatial error, and Difference-in-Differences (DID) models to control for bias caused by spatial dependence has been observed. Third, Euclidean distance and distance buffer rings are the most widely used operational measures of access. Primal access measures covering the number of opportunities available at a destination and travel impedance are recommended. Last, over 86% of sampled empirical studies target the residential real estate market. The lack of non-residential land uses in the literature presents a significant research gap that should be addressed.789===== PAGE 1 (score 6, numeric-paren 0, table-words 0, var-words 6) =====1011 12 13 14Copyright 2023 Yadi Wang & David Levinson 15https://dx.doi.org/10.5198/jtlu.2023.2297 16ISSN: 1938-7849 | Licensed under the Creative Commons Attribution Noncommercial License 4.0 17 18The Journal of Transport and Land Use is the official journal of the World Society for Transport and Land Use 19(WSTLUR) and is published and sponsored by the University of Minnesota Center for Transportation Studies. 20THE JOURNAL OF TRANSPORT AND LAND USE jtlu.org 21VOL. 16 No. 1 [2023] pp. 469 496 22 Access-based land value appreciation for assessing project benefits23 24Yadi Wang 25University of Sydney and Stantec 26yadi.wang@stantec.com 27David Levinson 28University of Sydney 29david.levinson@sydney.edu.au 30 31Abstract: The traditional mobility-oriented travel-time saving benefit 32assessment method has been repeatedly questioned for numerous intrinsic 33flaws, motivating the search for alternative benefit assessment approaches. 34Although a wealth of literature confirms the capitalization effect of access 35benefits induced by transport improvements to land or real estate value, the 36access-based land value uplift method hasn’t yet been widely recognized and 37employed as an official tool assisting transport decision-making. The present 38paper collects 136 empirical studies and aims to disentangle the obstacles 39hindering the promotion of the access-based assessment method by 40systematically reviewing methodological design, the access metrics used, and 41the target real estate sub-markets or land use types upon which access 42benefits are quantified. First, it was found that almost half of the sampled 43studies just investigated the general effects of transport operation on real 44estate prices without incorporating sufficient temporal and locational 45considerations, thereby failing to isolate project-specific incremental 46impacts. Second, while the hedonic pricing model remains the most popular 47model, a trend towards embracing more advanced modelling techniques 48such as spatial lag, spatial error, and Difference-in-Differences (DID) 49models to control for bias caused by spatial dependence has been observed. 50Third, Euclidean distance and distance buffer rings are the most widely used 51operational measures of access. Primal access measures covering the number 52of opportunities available at a destination and travel impedance are 53recommended. Last, over 86% of sampled empirical studies target the 54residential real estate market. The lack of non-residential land uses in the 55literature presents a significant research gap that should be addressed. 56 57Keywords: Land use, land value capture, project evaluation, accessibility 58Article history: 59Received: November 4, 602022 61Received in revised form: 62May 2, 2023 63Accepted: May 21, 2023 64Available online: Decem-65ber 28, 2023 66 67 681 69Introduction 70Transport improvements go far beyond allowing people and vehicles to travel faster. The 71current practice of planning for, and evaluating, transport places overwhelming weight on 72the movement function of transport infrastructure, resulting in wide application of the mo-73bility-oriented transport project evaluation framework, and travel time savings are generally 74deemed to be the primary performance metric of mobility benefits. A substantial number of 75