was higher than in the earlier model years, showing that the value of proximity to EmX <br />stations had grown .20 <br />Nelson found that office properties within a half mile of the EmX line had a rent <br />premium of $1.93 per square foot per year relative to similar properties outside of transit <br />corridors .21 <br />■ Nelson et al. found an increase in jobs within a quarter mile of EmX stations between <br />2004 and 2010, even as the metropolitan area lost jobs over that time period .22 <br />Exhibit 6 provides an overview of the literature that ECONorthwest reviewed. <br />Exhibit 6. Summary of Literature focused on Eugene <br />Authors Metric Geography <br />Evaluated Evaluated <br />Key Findings <br />Goodwin, Eli, Property <br />Franklin The authors observed a positive and non-linear effect on commercial and <br />and Zack values <br />EmX line mixed-use property values. Being located on the corridor before and after the <br />Snyder. <br />completion of the EmX line had positive effects on sale value. The model <br />2013.23 <br />reports an increase in the value of a property located a quarter -mile off the <br />corridor of 9.2 percent due to the EmX. <br />Hodel, Peter, Property <br />EmX BRT • Home prices increase the closer that homes are to the nearest EmX stop. <br />and Megan values <br />Eugene, OR • For every walking -minute moving away from EmX stops, home sale prices <br />Ickler. <br />are estimated to decrease by 0.11 to 0.18 percent <br />2012.24 <br />Perk, V., Property <br />Lane Proximityto the EmX BRT stations contributes to a small (but increasing), <br />Catala; M. values <br />Transit statistically significant positive impact on the actual market sale prices of <br />Mantius; K. <br />District's single family homes. <br />Corcoran. <br />BRT • For the 2005 model (prior to EmX implementation), the coefficient on <br />2017.25 <br />(Eugene, distance indicates that a 100 -meter decrease in distance to a station (i.e., <br />OR) getting closer to the station) increases sale price by $823 on average, <br />holding all other factors constant. <br />• In the 2010 model (a few years after implementation), a 100 -meter <br />decrease in distance to a station increases average sale price by $1,056, <br />all else constant. <br />• In 2016, with both corridors having several years of operation, the <br />magnitude of the coefficient increases yet again; a 100 -meter decrease in <br />distance is associated with a $1,128 increase in the average sale price. <br />20 Perk, V., Catala; M. Mantius; K. Corcoran. 2017. "Impacts of Bus Rapid Transit (BRT) on Surrounding Residential <br />Property Values." NITC-RR-894. Portland, OR: Transportation Research and Education Center (TREC). <br />21 Nelson, Arthur C. 2016. "Bus Rapid Transit and Office Rents." National Institute of Transportation and <br />Communities. <br />22 Nelson, Arthur, et al. 2013. "Bus Rapid Transit and Economic Development Case Study of the Eugene -Springfield, <br />Oregon, BRT System." Journal of Public Transportation, 16(3): 41-57. <br />23 Goodwin, Eli, and Zack Snyder. 2013. "Hedonic Evaluation of the Effects of EmX Routes on the Value of <br />Commercial and Mixed -Use Properties." University of Oregon Department of Economics. <br />24 Hodel, Peter, and Megan Ickler. 2012. "The Value of Bus Rapid Transit: Hedonic Price Analysis of the EmX in <br />Eugene, Oregon." University of Oregon Department of Economics. <br />2s Perk, V., Catala, M. Mantius, and K. Corcoran. 2017. "Impacts of Bus Rapid Transit (BRT) on Surrounding <br />Residential Property Values." NITC-RR-894. Portland, OR: Transportation Research and Education Center (TREC). <br />ECONorthwest <br />39 <br />212 <br />