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A study on CBD land value variations Fujiki, Kazuhiko


This thesis examines CBD (Central Business District) land value variations. The objectives of this study are (1) to compare monocentric and nonmonocentric models and (2) to analyze the determinants of CBD land value variations. Transactions of vacant land from 1975 to 1987 in Central Ward (Chuo Ku), Tokyo, comprise the data base for this study. A monocentric model and nonmonocentric model are compared using a negative exponential function and trend surface analysis (based on a double power series of location coordinates). For the comparison, three-dimensional pictures and contour maps are utilized as well as statistics of goodness-of-fit and predictive powers. To analyze determinants of CBD land value variations, we employ a hedonic-price approach. Trend surface analysis is superior to the monocentric model in terms of goodness-of-fit and predictive powers. However, centrality is still an important determinant. Proximity to subway or railway stations, or to the Ginza shopping area, are also important factors. Other influential determinants include time of sale, lot shape, corner location, road width, and floor area ratio.

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