The Land Premium in Eugene/Springfield: Determining the Price Differentials of brownfield and greenfield parcels and the impact of the Enterprise Zone

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.