Influence Of Subway Station On Rental Price Of Different Underground Commercial Space

Given the urbanization and rapid growth of subway system construction in China, the matter of scarce urban land resources is increasingly critical. The integrated commercial exploitation of metro station space has become an important development mode. Recently, development of Chinese metro system is vastly accelerating, especially in megacities. Therefore, the potential business value of passenger flow and the commercial exploitation of the underground space around metro stations have become important research topics.Upon literature review on related researches home and abroad, referring to the characteristics of business exploitation mode of metro station space, this research studied the models of the commercial area of Guangzhou Metro stations on line one and line three. Based on the field research, this paper summarizes various types of the space model and generalized them into four types, elaborating the features of each type. The four types are: Property upon Station, Linear Expansion of Station, Surrounding Expansion of Station, and Vertical Integration. Based on the experience of researches abroad, the study of this paper has collected data of store rental price and location-based information to analyze factors influencing the rental price of commercial area of metro stations. Finally, with quantitative analysis using Hedonic Semi-log Model, Inverse Semi-log Model, and Double-log Model, the paper comes to the conclusion that the driving factors of rental price of same store types vary under different space models; also, under same space model, the factors of vary between different store types as well. With further analysis of the data, metro stations is most influential to the store rent price under the Vertical Integration model – with every 100 meter closer to the metro station, the rental price increases 64.3 RMB/㎡. This paper provides reference for integrated commercial exploitation of metro station space.