Dr. Jefferey Cohen, UConn, on Effect of Rail Rapid Transit on Commercial Property - Wed. April 26
Dr. Jefferey Cohen, UConn, on Effect of Rail Rapid Transit on Commercial Property - Wed. April 26Date posted: 2017-04-21 13:38:04
The Department of Economics, in conjunction with the Center for Infrastructure, Transportation and the Environment (CITE) of the School of Engineering, is pleased to present a talk by Dr. Jeffrey P. Cohen, Associate Professor of Business, University of Connecticut, on Wednesday, April 26 at 2:30 pm in JEC 3117. Dr. Cohen's talk is entitled, "Does a New Rail Rapid Transit Line Affect Various Commercial Property Prices Differently?"
An announcement of new rail rapid transit access to urban commercial centers may lead to greater business activity and agglomeration economies, while causing anticipation of construction disruption and resource diversion away from other infrastructure. Using the example of a new rail rapid transit line announcement in Vancouver, BC, Canada, Dr. Cohen identifies the net capitalization effect for individual commercial property prices resulting from improved urban center access. His approach focuses on 1,895 repeat sales straddling the announcement date and uses a nonparametric estimation technique (Locally Weighted Regressions) to estimate how travel-time changes to the Richmond, BC and Vancouver, BC central business districts, the Olympic Village, and the Vancouver International Airport affect various commercial property prices differently.
By differencing his estimation equation over the two periods of the repeat sales, Cohen's research indicates that the time-invariant variables drop out and "we are left with the travel time savings and the difference in temporal fixed effects as regressors. We find travel time savings’ marginal effects on property values can be positive or negative, and patterns vary dramatically across commercial land use types and locations. Falsification and balancing tests validate our findings."
The lecture is free and open to the public. Refreshments will be served.
Dr. Jeffrey P. Cohen is an associate professor of Real Estate and Finance at UCONN’s Center for Real Estate, and the School of Business. Professor Cohen has longstanding collaborative research relationships with the Federal Reserve Bank of St. Louis. His current research interests include the impact of airports on commercial and residential property values; property taxation; housing price spillovers across jurisdictions; the determinants of land values; and the impacts on REITs liquidity of own- and neighboring-states’ economic variables. Among over 30 publications, he has published his research in several top journals, including: Review of Economics and Statistics, Journal of Urban Economics, Journal of Regional Science, Regional Science and Urban Economics, Federal Reserve Bank of St. Louis Review, and others.
He has previous teaching experience at Tufts University, the University of Maryland at College Park, and the University of Hartford. Professor Cohen has been a Visiting Scholar with the Federal Reserve Bank of St. Louis; he also worked full-time at the U.S. Environmental Protection Agency as part of an award from the National Academies; and has been a Fellow with, and a seminar organizer for the Lincoln Institute of Land Policy. He also has previous full-time employment experience in the private sector as a Senior Economist at Standard and Poor’s. He has served on expert panels for the National Academies, the U.S. Environmental Protection Agency, and the Lincoln Institute of Land Policy. His consulting clients have included the Organization for Economic Cooperation and Development (OECD), the Vancouver Airport Authority in Canada, the Lincoln Institute of Land Policy, the Robert Wood Johnson Foundation, and the National Metropolitan Transportation Center (METRANS) at California State University-Long Beach.
He is currently the Principal Investigator on a grant from the State of Connecticut Department of Transportation, on the property value impacts of a bus rapid transit line (called CTfastrak). Watch a video and read more about this project here.
At UCONN, Professor Cohen teaches courses in Real Estate Finance (undergraduate); Principles of Real Estate (undergraduate); and Real Estate Capital Markets (MBA level). He also interacts with the local real estate community, students, and alumni through activities of the UCONN Center for Real Estate.
For over half a century, the Economics Department of the School of Humanities, Arts, and Social Sciences (HASS) has made important contributions to learning and research at RPI. The Department's teaching and research includes specialized fields such as ecological economics and the economics of energy and technological change. Reflecting the belief that training in Economics is an integral part of a well-rounded education at a highly-ranked technological university, the Department encourages students to combine a program in Economics with concentrations in other fields such as Engineering, Mathematics, and Business.
The Center for Infrastructure, Transportation, and the Environment (CITE)'s vision is to become a national and international leader in research, education, outreach, and technology transfer in the areas of infrastructure, transportation, and their linkages to the environment. In fulfilling its mission, CITE emphasizes multidisciplinary approaches, as they provide the only way avenue to deal with the complexity of the challenges faced by mankind at this particular moment in history. CITE seeks to work with engineers, scientists, policy makers, and community leaders to find research-based solutions to relevant problems impacting infrastructure, transportation, and the environment.