Impacts of a Pedestrianisation Scheme on Retail Rent - An Empirical Study in Hong Kong
16 Pages Posted: 4 Jun 2009
Date Written: June 3, 2009
Most of the previous studies on the impacts of pedestrianised areas on the environment were qualitative ones, and without controls. This study, in contrast, using panel market data in Hong Kong to estimate the effect of a pedestrianisation scheme on the retail rent of the area, in a controlled manner. The results show a net 17% increase in rental value of retail shops in the pedestrianised area is achieved, ceteris paribus.
Keywords: Pedestrianised areas, retail rent, empirical test
JEL Classification: C93
Suggested Citation: Suggested Citation