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Influence of Rent Differentials on the Choice between Office Rent Contracts with and without Relocation Provisions

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  • John D. Benjamin
  • J. Sa-Aadu
  • James D. Shilling
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    Abstract

    In this paper we concern ourselves empirically with the influence of rent differentials on the choice between rent contracts with and without relocation provisions investigating the effects of relocation provisions on office rents. The study departs from the extant literature by using a switching simultaneous-equations model to estimate hedonic rent functions for alternative office lease contracts with choices of relocation provisions. The empirical results suggest that price considerations and certain lease terms are important determinants of the choice of office relocation rights. The results also suggest that certain tenant characteristics, like tenant size and creditworthiness, have only a marginal effect on the choice of relocation rights. Copyright American Real Estate and Urban Economics Association.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00585
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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 20 (1992)
    Issue (Month): 2 ()
    Pages: 289-302

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    Handle: RePEc:bla:reesec:v:20:y:1992:i:2:p:289-302

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    Cited by:
    1. John D. Benjamin & Peter T. Chinloy, 1995. "Technological Innovation in Real Estate Brokerage," Journal of Real Estate Research, American Real Estate Society, vol. 10(1), pages 35-44.
    2. Gunnelin, Åke & Söderberg, Bo, 2002. "Term Structures in the Office Rental Market in Stockholm," SIFR Research Report Series 6, Institute for Financial Research.

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