Regression model predicting the appraised unit value of land in San Francisco county based on LEED-NC public transportation access criteria

Abstract

As the need for environmental certification systems grows, Leadership in Energy and Environmental Design for New Construction (LEED-NC) is being widely adopted in the US to evaluate the environmental performance of buildings. However, no research has been conducted to investigate its economic impact on appraised land value. The objectives of this study are to quantify the impact of the LEED-NC Credit Alternative Transportation: Public Transportation Access (PTA) in the sustainable sites category on appraised land value and to develop a regression model that predicts the appraised unit value of parcels. San Francisco County was chosen because of its well-organized transportation systems. First, a LEED-NC map was created to identify PTA-qualified parcels. Second, sample parcels were randomly selected. Last, Pearson's correlation analysis, one-way ANOVA, and multiple linear regression analysis were sequentially performed. The results of this study indicated that the LEED PTA criteria are significant factors associated with an increase in the appraised unit value of parcels within San Francisco County. The findings of this study can encourage real-estate developers to site their projects according to the LEED-NC PTA criteria.