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Purpose -The purpose of this paper is to investigate the relationship between urban design quality and the real estate value of high street retail properties. Quantitative research on the added value of quality design has seen little advancement during the past two decades and hedonic analysis of the high street retail sector remains embryonic. This paper bridges this gap by providing empirical evidence on the added value of quality design. Design/methodology/approach -The study uses a unique dataset of 301 Belfast City Centre retail transactions during the period 1994-2009. Ordinary least squares (OLS) regression analysis is used to estimate a hedonic pricing model that utilises a composite range of variables. These variables were designed employing quantitative and qualitative approaches complementarily to strengthen the value of the empirical research. Findings -The findings suggest that aspects of quality design such as connectivity, frontage continuity and variety, material quality and massing appropriateness add to real estate value. These findings supplement those on sector-specific value determinants that emphasise the high impact of location, tenant characteristic and Zone-A price calculations. Practical implications -In analysing high street retail rent determinants this paper focuses on the impact of various aspects of quality design to inform investors and developers about those aspects that are highly valued by city centre retail tenants. Policy makers benefit from the findings through empirically justified built environment benchmarks for improving the quality of life in our cities. Originality/value -This study provides a quantitative model for measuring urban design quality which uses data from a UK city but has a wider application range. It bridges a significant gap in the literature related to hedonic investigation of the added value of quality design by providing a holistic approach to quality.

Purpose -The purpose of this paper is to assess the impact of urban design quality on the real estate value of commercial office property. Empirical evidence based on quantitative research into the added value of quality design on real estate performance has seen little advancement during the past two decades. Office sector hedonic analysis has been predominantly characterised by a piecemeal approach focusing on specific attributes and lacking a holistic approach to the effects of design quality on real estate value. This paper brings forward new empirical evidence to assess the added value of quality design based on quantitative analysis of office sector performance in the historic urban core of a UK city. Design/methodology/approach -Using a unique dataset of 279 Belfast City Centre office properties rented during the period 1995-2009, this study employs regression analysis to estimate a hedonic pricing model based on a composite range of variables. The contribution of this study is the complementary utilisation of quantitative and qualitative methods to generate variables incorporating a holistic approach to design quality at three different levels of investigation: interior; exterior/architectural; and urban scale. Findings -The key findings show that higher design quality specifications in the three levels (interior, exterior and urban scale) can generate rent premiums. Aspects of quality design that include connectivity and building facade distinctiveness enhance corporate image; and material quality appropriateness adds to real estate value whereas the lack of preference for tall buildings and high-end interior quality specifications in historic cores reflect market reactions to economic trends. Practical implications -This paper provides investors and developers with insights about those aspects of quality design that are highly valued by office tenants in historic urban cores. This is especially significant in the downturn of the property cycle with investment priorities playing a crucial role in a project's economic viability. Originality/value -This study bridges a significant gap in the literature concerning hedonic investigation of the added value of quality design on real estate performance. This holistic approach using quantitative and qualitative methods and incorporating urban design variables constitutes a unique approach to quantifying quality impacts on real estate value.

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This paper estimates the impact of quality design attributes on real estate value through empirical investigation of the owner-occupied multifamily residential sector. The methodological design is based on spatiotemporal modelling using a unique data-set of 424 Belfast City Centre apartments sold during the period 2000-2008. The key findings indicate that urban scale aspects of quality such as connectivity and vitality associated with building density add to real estate value. At the building level, quality features highly valued by home buyers are namely appropriateness of material quality, fenestration and massing to the surroundings. These key criteria are considered to have a significant visual perception compared to more complex concepts such as identity, material choice and overall condition. The contribution to knowledge involves extending the hedonic model to incorporate a wider selection of design quality variables; and improving estimation through the use of spatiotemporal modelling.