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A Study on the Influences of the Estimation of Areas and Fees for Rental Facilities Affiliated with Subway Stations: A Case of Seoul Subway Lines 5 and 6
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 Title & Authors
A Study on the Influences of the Estimation of Areas and Fees for Rental Facilities Affiliated with Subway Stations: A Case of Seoul Subway Lines 5 and 6
Jang, Jae Min; Lee, Kyung Chul; Gim, Tae-Hyoung Tommy;
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 Abstract
Considering that the Seoul subway sector is expected to see extension of lines, addition of stations, and changes of operating companies, a review is needed to identify ways to eliminate or minimize financial deficits in its operation. As for deficits from the operation, additional businesses for extra income have been suggested as alternatives, but inasmuch as Western urban development (that of the subway containment area) may not be applicable to Korean settings, a practical alternative is to maximize income by efficient use of rental facilities that are located inside station properties. This alternative requires the estimation of appropriate facility size and rent for each station; few, however, have addressed this topic. At this juncture, this study aimed to draw an equation for estimating the sizes and rents of station properties by reflecting characteristics of lines and locations; a case study was performed for Subway Lines 5 and 6. Analytical findings are that rental facility sizes and rental incomes are affected mainly by the subway ridership and transport revenues, whereas the influence of ground-level commercial activity is relatively weak. A particularly great influence was found to be the value of apartment housing in areas through which the subway lines run. Stations on Line 5, which runs through areas of high-value housing, were assigned smaller facility sizes and higher rents than those on Line 6, which covers areas with relatively low housing value. The equation suggested in this study would make possible more practical feasibility studies when the need arises to estimate sales of new or extended facilities affiliated with stations.
 Keywords
Subway station;Extra income;Rental facility size;Rent;Underground arcade;
 Language
Korean
 Cited by
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