eprintid: 3446
rev_number: 5
eprint_status: archive
userid: 1
dir: disk0/00/00/34/46
datestamp: 2021-03-03 10:46:24
lastmod: 2021-03-03 10:46:24
status_changed: 2021-03-03 10:46:24
type: thesis
metadata_visibility: show
sword_depositor: 1
creators_name: Rostropowicz, Maciej
creators_id: S3767957
creators_email: maciej.rostropowicz@gmail.com
title: Impact Of New Metro Line On Office Property Values in Warsaw: A Quantitative Approach
ispublished: unpub
full_text_status: public
abstract: Metro construction has reshaped Warsaw and the impact on all real estate sectors has been considerable. In the west of the city a whole new office district emerged, while many other areas in the city center significantly improved its accessibility. In the empirical literature  the effect of underground proximity on real estate prices is ambiguous, however according to the theoretical framework a positive effect of the vicinity should be present due to increase in accessibility which entails growth of attractivity of office properties. The dataset for the study comes from Polish branch of a global real estate consulting company and is of special interests due to scarceity of studies performed in the local context of Central and Eastern Europe. This study uses hedonic model and difference-in-differences approach to find that headline office rents has been significantly, positively impacted by metro construction, even before the construction was finished. The model controls for number of lease and properties attributes (such as building size, class and age) and for time and neighborhood fixed effects. The spatiotemporal  effects are shown as the research investigates both impact of distance to a metro station and anticipation effect in time. The spatial effect identified in the study is relatively limited, as positive effect of metro line construction after the end of the construction disappears at 275 m from the nearest metro station, however the effect varies over time and anticipation effect is identified. The results may be of interests to developers, investors and policy makers.
date: 2021
pages: 45
thesis_type: master
degree_programme: VG
tutors_name: Liu, X.
tutors_name: Daams, M.N.
tutors_organization: Fac. Ruimtelijke wetenschappen, Basiseenheid Economische Geografie
tutors_organization: Fac. Ruimtelijke wetenschappen, Basiseenheid Economische Geografie
tutors_email: Xiaolong.Liu@rug.nl
tutors_email: M.N.Daams@rug.nl
security: validuser
keywords_local: real estate
keywords_local: office
keywords_local: transportation
keywords_local: difference-in-differences
language_iso: en
agreed_repository: yes
date_issued: 2021-03-03
citation:   Rostropowicz, Maciej  (2021) Impact Of New Metro Line On Office Property Values in Warsaw: A Quantitative Approach.  Master thesis.   
document_url: https://frw.studenttheses.ub.rug.nl/3446/1/Rostropowicz_Impact%20Of%20New%20Metro%20Line%20On%20Office%20Property%20Values%20in%20Warsaw.pdf