Abstract:
Using a hedonic pricing model, our research is twofold: One, we attempt to
statistically estimate the market premium greenfield sites have over
brownfield and possibly grayfield sites; and two, we analyze the West Eugene
and Springfield Enterprise Zones’ ability to increase the value for these
sites. Our results indicate that there is no statistical evidence of a
greenfield premium. Further, there is no evidence of brownfield properties
selling at discounts relative to other parcels. The Enterprise Zone itself
appears to have a negative impact on industrial properties selling prices.