Value Evaluation Of Underground Commercial Space Use Rights In Urban Rail Transit Station

The process of urbanization not only brings a large influx of population to cities,but also brings many urban problems,such as traffic congestion and shortage of urban land resources.With the increasing attention paid to the TOD concept,the comprehensive development of urban rail transit stations is also receiving increasing attention.According to the TOD concept,most future urban rail transit stations will be built into specific areas that integrate public transportation,industry,housing,and public services.The underground commercial space around urban rail transit stations is different from other underground commercial spaces in that they can provide a large and stable passenger flow.At present,the utilization of underground commercial space around urban rail transit stations is still insufficient.The utilization of underground commercial space is conducive to improving the land use efficiency of bustling urban areas and supplementing urban commercial capacity.Therefore,developing underground commercial spaces around urban rail transit stations will be an important direction for future urban development.This article first analyzes the concept of underground space,including urban underground space,underground space use rights,and underground commercial space use rights in urban rail transit station,in order to determine the research object.Further elaborate and analyze relevant research theories,including rent theory,land price theory,substitution economy principle,and land price spatial allocation theory.By analyzing these theories related to land evaluation,lay a theoretical foundation for evaluating the value of underground commercial space use rights.And by studying the value connotation of underground commercial space use rights,analyzing the formation,form of value,and factors affecting its value of underground commercial space use rights,as well as studying the evaluation methods and applicability analysis related to the value of underground commercial space use rights,combined with the existing evaluation methods and factors affecting the value of underground commercial space,Propose an improved residual method based on the basic idea of floor utility ratio method for evaluating the value of underground commercial space use rights which connected to urban rail transit stations.In the research on the evaluation of underground space use rights in China,the commonly used benchmark land price coefficient correction method,income method,and residual method all have certain limitations in valuation practice.The improved residual method can overcome the difficulty of obtaining relevant data for underground space and has certain feasibility in practice.This article selects the underground ground floor of Dongfeng Square,which has not yet been constructed in Kunming,as a research case.During the evaluation process,the market method was used to evaluate the total price and rent of the ground floor’s real estate;Considering the impact of pedestrian flow at urban rail transit stations on the value of underground commercial space,a questionnaire survey method was used to investigate the conversion rate of passenger flow in the case,and based on this,the annual net income of underground commercial space at the evaluation time point was estimated;Finally,by substituting the investigated data into the derived improved residual method formula,the evaluation result is: on the evaluation benchmark date of June 30,2022,the value of underground commercial space use rights of the case plot was 58,007,311.14 ￥.The evaluation price was revised to July 20,2020,when the plot was transferred.The corrected evaluation result only differs by 1.53% from the actual transaction price of the plot,indicating that this method has certain feasibility.