In studies investigating the property value enhancements along metro lines, study ranges in most cases are measured in Euclidean distance. However, city roads are not always straight, and Euclidean distance sometimes does not equal to actual distance the passenger travels from the public transport station to their home or a commercial spot. To solve this problem, this study analyzed the indicators affecting commercial property value in metro station accessible area in Xi’an, using walking time consumption in measuring the study range. Following a conceptual framework, considering empirical evidences in related studies, information in city structure, and metro distribution, the initial indicator set is built. Using hedonic price model (HPM), spatial autoregressive model (SAR), and error term (SEM), significant indicators affecting commercial property value are investigated. In this study, 14 significant indicators are determined and quantified. Threshold distance equals to 900 m is found to be appropriate in addressing the autocorrelation problem with the weighted decision matrix tool. Compared to HPM and SEM, SAR is found to perform the best in evaluating the significant indicators with the largest R² (0.415) and the lowest Akaike Info Criterion (AIC) (−395.214). Besides, it is discovered that the value of the commercial property lies in the study range of 20 min walking time and is obviously influenced by the metro station. The results discovered in this study could provide some empirical evidences to commercial property planning in Xi’an.

中文翻译：

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利用步行时间分析影响地铁车站可及区域商业物业价值的指标：以西安为例

在研究沿地铁线路的财产价值增加的研究中，大多数情况下的研究范围是以欧几里得距离来衡量的。但是，城市道路并不总是笔直的，欧几里得距离有时并不等于乘客从公共交通站点到其家或商业地点的实际距离。为解决这一问题，本研究利用步行时间的消耗量来研究西安地铁车站可及区域中影响商业地产价值的指标。根据概念框架，考虑相关研究中的经验证据，城市结构信息和地铁分布，构建初始指标集。使用享乐价格模型（HPM），空间自回归模型（SAR）和误差项（SEM），调查了影响商业财产价值的重要指标。在这项研究中，确定并量化了14个重要指标。发现阈值距离等于900 m适用于使用加权决策矩阵工具解决自相关问题。与HPM和SEM相比，SAR在评估重要指标时表现最佳，其中最大R ²（0.415）和最低的赤池信息准则（AIC）（−395.214）。此外，还发现商业地产的价值在步行20分钟的研究范围之内，并且明显受到地铁站的影响。本研究发现的结果可为西安市商业地产规划提供一些经验证据。