The Impact of Walkability on the Sales Price of Commercial Properties When Controlling for the Effects of Economic Recession: A Case Study of Omaha, Nebraska

Rebecca Ivey and Bradley Bereitschaft

Journal of Real Estate Literature, 2021, vol. 29, issue 1, 43-59

Abstract: In this paper, we assess the potential impact of walkability on commercial property sales prices in Omaha, Nebraska in the years during and following the “Great Recession.” Walkability was determined using Walk Scores provided by Walkscore.com; commercial property sale prices were acquired from the Douglas County, NE (the core county of the Omaha metro) Assessor’s Office. The relationship between commercial sales price and walkability between 2008 and 2018 was evaluated using a multiple linear regression model based on hedonic price theory. A variable to indicate time period (either 2008–2012 to denote “recession years” or 2013–2018 to denote “post-recession years”) was added to the model to investigate the potential impact of walkability on sales prices while controlling for the effect of the Great Recession. We observed a significant positive relationship between walkability and commercial property sales prices across all models.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:taf:rjelxx:v:29:y:2021:i:1:p:43-59

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DOI: 10.1080/09277544.2021.1946256

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