Acta Geographica Sinica ›› 2017, Vol. 72 ›› Issue (10): 1787-1799.doi: 10.11821/dlxb201710005

• Regional and Industrial Geography • Previous Articles     Next Articles

Land value assessment and spatial variation in underground commercial space in Shanghai

Yishao SHI(), Lei ZHOU   

  1. College of Surveying and Geo-Informatics, Tongji University, Shanghai 200092, China
  • Received:2016-09-11 Revised:2017-05-27 Online:2017-11-10 Published:2017-11-06
  • Supported by:
    The Major Research Project for Shanghai General Land Use Planning Revision, No.2015(D)-002(F)-11

Abstract:

Current land appraisal techniques rarely consider the value of underground space and lack robust methods of evaluating underground space. This paper integrates the cost method, income reduction method and floor utility ratio method to establish a value assessment model of underground space use. Then, the major factors that influence the value of underground space use are analysed. We find that location, traffic and business type have significant influences on the utility of underground commercial space. Thus, to improve the accuracy of such valuations, the utility of underground commercial space should be graded and classified into different levels. The land price distribution of underground space use in Shanghai is analysed based on the assessment model and the Kriging interpolation method. Finally, the values of different features of the underground commercial space in Shanghai are discussed in three contexts: typical shopping centres, municipal commercial centres and commercial land transaction plots. The results show that (1) the price distribution of underground space use is consistent with that of the aboveground, and the price decreases from the city centre to the suburbs; (2) the price of the underground commercial space is highly dependent on underground rail traffic; and (3) the price distribution of underground commercial space use exhibits distinctly concentrated areas of high and low prices.

Key words: underground commercial space, land value assessment, utility ratios among floors, spatial variation, Shanghai