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Effect of Greenfield Commercial Development on the Land Price of Neighboring Existing Commercial Area in Innovative Cities

  • Studies in Humanities and Social Sciences
  • Abbr :
  • 2018, (59), pp.155-170
  • DOI : 10.17939/hushss.2018..59.009
  • Publisher : Institute of Humanities and Social Sciences
  • Research Area : Interdisciplinary Studies > Interdisciplinary Research
  • Received : April 3, 2018
  • Accepted : May 18, 2018
  • Published : May 31, 2018

Jang, Young-Bong 1,  Myounggu Kang 2

1서울시립대확교
2서울시립대학교

Accredited

ABSTRACT

This paper studies the impact of commercial areas on land prices of neighboring existing commercial areas in innovative cities by studying the relationship between changing prices of commercial areas using Love & Zicchino (2006) and Panel VAR model. First, the land prices of innovative cities are inversely related to land prices of neighboring existing commercial areas. However, it is difficult to show that increased supply of innovative cities have strong causal impact on neighboring existing commercial area due to physical distance being too far to cause a significant impact. Second, there was a stronger negative impact on the prices of incumbent commercial areas when it is located within close proximity of new innovative cities than not, especially in case of new-town and old town exist together. On the other hand, introduction of new innovative cities shows insignificant impact on the prices of commercial area in new town. In essence, introduction of new innovative cities has shown to be one of the causes of degradation of neighboring existing commercial areas. This impact was shown to be more drastic in areas where innovative cities were introduced in close proximity of existing commercial areas. Therefore, it is better to avoid creating duplication of commercial areas and focus on improving social resource infrastructure when developing new innovative cities in an effort to create more balanced regional cities and economies.

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