Abstract
This paper aims to analyze the potential effects of the Brightline passenger rail system on commercial land use in South Florida. Specifically, this paper analyzes how commercial property values change in response to proximity to Brightline stations. A Bid-Rent theoretical framework is developed to model possible outcomes of changes in commercial land values in response to proximity to privately owned inter-city rail systems, like Brightline, by modeling the proximity to Brightline stations’ effects on the firm’s function. Two empirical models are specified using the Hedonic Price Model in order to capture all relevant attributes in determining property value. The models tested to assess the overall South Florida commercial land market preference for proximity to train stations, as well as the South Florida commercial land market preference for proximity to Brightline stations at the junction with Tri-Rail stations. The key findings show that there is a commercial land market preference for firms locating within proximity to Brightline stations. However, with challenges in the empirical model specification and the failure of meeting of post-regression testing expectations, an understanding of the causal relationship between proximity to Brightline Stations and commercial property value remains unclear.
Advisor
Burnell, Jim
Department
Economics
Recommended Citation
Fritsch, Lyonel J., "“All Aboard!”: Brightline’s Impact on Commercial Real Estate in South Florida" (2024). Senior Independent Study Theses. Paper 10964.
https://openworks.wooster.edu/independentstudy/10964
Disciplines
Econometrics | Real Estate | Regional Economics
Publication Date
2024
Degree Granted
Bachelor of Arts
Document Type
Senior Independent Study Thesis
© Copyright 2024 Lyonel J. Fritsch