The Impact of Contamination on the Industrial Land Market
Journal title SCIENZE REGIONALI
Author/s Marie Howland
Publishing Year 2011 Issue 2011/3
Language English Pages 17 P. 29-47 File size 847 KB
DOI 10.3280/SCRE2011-003003
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This study examines the impact of contamination on land prices and sales in an industrial district in Baltimore, Maryland. We tracked the sales and selling price of land, known to be contaminated, known to be clean, and suspected of contamination because of its historical uses in one industrial area of about 5,580 acres in southwest Baltimore. The results indicate that after the mid-1990s, contaminated parcels have been selling, and the market has adjusted to contamination by lowering prices. Using an OLS model of land prices, we find parcels adjacent to a contaminated parcel - either known or suspected - sold at a 35% discount, and parcels known to be contaminated or had an historical reason-to-suspect of contamination sold at a 55% discount.
Keywords: Land policy, brownfields, industrial land use
Jel codes: Q51, R52, R5, C8
Marie Howland, The Impact of Contamination on the Industrial Land Market in "SCIENZE REGIONALI " 3/2011, pp 29-47, DOI: 10.3280/SCRE2011-003003