earticle

영어

This paper examines the determinants of unplanned industrial land price with accessibility to transportation facilities using a hedonic price model. The empirical results obtained show that accessibility, defined as the distance to the port and the distance to the expressway, has expected negative sings reflecting the trade-off between transport cost and land price. Specifically, 1% increase in the distance to the port is estimated to reduce the price by 1%. The proximity to the expressway also has a strong impact on the price if the distance is equal to or lower than 10㎞, but the impact seems to be insignificant for further distances. Lastly, further research for other markets and time periods is required to identify the determinants of unplanned industrial land price.