Impact of Shared Parking in the Central Business District on Real Estate Value Appreciation

Abstract

Shared parking, as an important means of revitalizing static traffic facilities, has received widespread attention from all walks of life. At the microlevel, this paper analyzes a total of more than one million parking data points (including the license plate information of each vehicle, the time of entering and leaving the parking lot, the parking time and the parking fee, and so on) in Chongqing, studies the change cycle and change characteristics of the data, and draws the conclusion that the traffic volumes of office buildings and shopping malls are significantly different on weekdays and weekends. Based on the performed analysis, this paper establishes a supply-and-demand-based appreciation model to project the impact of the implementation of shared parking on real estate value appreciation. The calculation results show that the implementation of shared parking can increase the value of the parking lot studied in the example by 17% of its original value. Although the model established in this article is aimed at the sharing of parking spaces between an office building in the city’s central business district and the surrounding shopping mall, it can also be extended and applied to the evaluation of parking space sharing between general buildings. Overall, this paper provides effective methods into revitalizing parking space resources to ease urban traffic congestion.