Authors <br />Metric <br />Evaluated <br />Geography <br />Evaluated <br />Key Findings <br />Nelson, <br />Office <br />Various, <br />Regression analysis estimates that locations within one-half mile of Eugene's <br />Arthur C. <br />rents <br />including <br />BRT corridor confers a positive rent premium of $1.93 per square foot, or <br />2016.26 <br />Eugene, OR <br />about 12 percent of the mean office rent. <br />Nelson, <br />Job <br />0.25 and <br />Between 2004 and 2010, total jobs stayed about the same between 0.25 <br />Arthur, et al. <br />growth <br />0.50 miles <br />and 0.50 miles of station areas but increased by about 10 percent (or nearly <br />2012.27 <br />around BRT <br />3,000 jobs) within 0.25 miles of station areas. Sectors that appear to be <br />stations <br />attracted to BRT station areas include Retail Trade, Transportation and <br />Warehousing, Finance and Insurance, Real Estate and Rental & Leasing, and <br />other services. <br />Summary of National Research Findings <br />Impact on Sales Prices <br />There are numerous studies that find empirical support for transit's influence on property <br />value. However, there are few studies that focus specifically on the impacts of BRT on property <br />values. Key studies include: <br />Effect on condominium prices: Wardrip (2011), in a literature review summary, found <br />the effect of transit on condominium prices to be higher than on single family homes .28 A <br />study of the effects of the 2002 implementation of a BRT line in Boston on condominium <br />prices showed similar results, with a BRT premium of 7.6 percent for properties near <br />stations, and a more pronounced impact closer to the stations and little impact past a <br />quarter -mile .29 <br />Disparate effect on home prices across different types of stations: Property value <br />increases from the implementation of transit are not universal. A study of 14 <br />metropolitan areas over a 10 -year period finds that there is a higher premium for <br />proximity to walk -and -ride stations than to park-and-ride stations. The prices of homes <br />in the areas around a park-and-ride station decreased by 1.9 percent whereas those <br />around a walk -and -ride station increased by 5.4 percent. Over a 20 year period, the <br />26 Nelson, Arthur C. 2016. "Bus Rapid Transit and Office Rents." National Institute of Transportation and <br />Communities. <br />27 Nelson, Arthur, et al. 2012. "Bus Rapid Transit and Economic Development Case Study of the Eugene -Springfield, <br />Oregon, BRT System." <br />28 Wardrip, Keith. 2011. "Public Transifs Impact on Housing Costs: A Review of the Literature." Center for Housing <br />Policy. <br />29 Perk, Victoria, et al. 2012. "Land Use Impacts of Bus Rapid Transit: Phase II Effects of BRT Station Proximity on <br />Property Values along the Boston Silver Line Washington Street Corridor." National Bus Rapid Transit Institute. <br />Funded by the Federal Transit Administration. <br />ECONorthwest 40 <br />213 <br />