The influence of parks and greenspace on the value of commercial real estate
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The effect of parks on residential real estate has been well recorded; however little research has been done to estimate the effects of parks on commercial real estate values. With the help of Geographic Information Systems and the transactions of nearly 10,000 properties from 2000 to early 2011, I produced three different hedonic commercial real estate sales models. Controlling for building characteristics, demographic variations within census groups, and locational attributes, I find that proximity to parks plays a role in the valuation of some property types. Little evidence is found to support the hypothesis that properties in proximity to parks are valued higher; however co-location of parks and other attributes could play a beneficial role in supplying cities with more parks while boosting surrounding property values.