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Trends in office rents in the City of London: 1867-1959

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  • Devaney, Steven
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    Abstract

    This paper details the construction and analysis of a dataset of office lettings, which is used to produce a rent index for the City of London spanning the late nineteenth and early twentieth centuries. It advances prior research through application of a modern version of the repeat measures technique and in coverage of years where office rents have not been previously measured. Results show that there has been no real growth in rents over the period as a whole. However, there have been distinct phases of rental growth and decline that correspond with the wider economic fortunes of the City.

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    Bibliographic Info

    Article provided by Elsevier in its journal Explorations in Economic History.

    Volume (Year): 47 (2010)
    Issue (Month): 2 (April)
    Pages: 198-212

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    Handle: RePEc:eee:exehis:v:47:y:2010:i:2:p:198-212

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    Web page: http://www.elsevier.com/locate/inca/622830

    Related research

    Keywords: City of London Offices Rent index Repeat measures regression;

    References

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    1. Ronald W. Kaiser, 1997. "The Long Cycle of Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 233-258.
    2. Robert J. Shiller, 1991. "Arithmetic Repeat Sales Price Estimators," Cowles Foundation Discussion Papers 971, Cowles Foundation for Research in Economics, Yale University.
    3. Goetzmann, William Nelson, 1992. "The Accuracy of Real Estate Indices: Repeat Sale Estimators," The Journal of Real Estate Finance and Economics, Springer, vol. 5(1), pages 5-53, March.
    4. William C. Wheaton & Mark S. Baranski & Cesarina A. Templeton, 2009. "100 Years of Commercial Real Estate Prices in Manhattan," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(1), pages 69-83.
    5. Klovland, Jan Tore, 2009. "New evidence on the fluctuations in ocean freight rates in the 1850s," Explorations in Economic History, Elsevier, vol. 46(2), pages 266-284, April.
    6. Gatzlaff, Dean H & Haurin, Donald R, 1997. "Sample Selection Bias and Repeat-Sales Index Estimates," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 33-50, Jan.-Marc.
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    Cited by:
    1. S. Devaney & Oliver Holtemöller & R. Schulz, 2012. "Efficiency in the UK Commercial Property Market: A Long-run Perspective," IWH Discussion Papers 15, Halle Institute for Economic Research.

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    1. Historical Economic Geography

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