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Office Market Analysis: Improving Best-Practice Techniques

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    Abstract

    This article focuses on ways to improve market analysis for proposed office projects, taking time and data limitations into account. The discussion moves sequentially through the three primary components of systematic, logical market analysis: the market overview, the market study and the marketability study. Key suggestions cover: (1) discussing megatrends affecting office user preferences and product design; (2) estimating long-term attractiveness of the office location and site; (3) forecasting balance or imbalance between future demand and supply of office space at the metropolitan level; (4) segmenting and differentiating supply and demand at the submarket level for the purpose of assigning market capture rates; and (5) conducting sensitivity analysis of the key variables affecting project net operating income.

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    File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol16n01/v16p015.pdf
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    Bibliographic Info

    Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

    Volume (Year): 16 (1998)
    Issue (Month): 1 ()
    Pages: 15-34

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    Handle: RePEc:jre:issued:v:16:n:1:1998:p:15-34

    Contact details of provider:
    Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Web page: http://www.aresnet.org/

    Order Information:
    Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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    1. Waldo L. Born & Stephen A. Pyhrr, 1994. "Real Estate Valuation: The Effect of Market and Property Cycles," Journal of Real Estate Research, American Real Estate Society, vol. 9(4), pages 455-486.
    2. John Doiron & James D. Shilling & C.F. Sirmans, 1992. "Do Market Rents Reflect the Value of Special Building Features? The Case of Office Atriums," Journal of Real Estate Research, American Real Estate Society, vol. 7(2), pages 147-156.
    3. Kerry D. Vandell & Jonathan S. Lane, 1989. "The Economics of Architecture and Urban Design: Some Preliminary Findings," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(2), pages 235-260.
    4. Marie Howland & David S. Wessel, 1994. "Projecting Suburban Office Space Demand: Alternative Estimates of Employment in Offices," Journal of Real Estate Research, American Real Estate Society, vol. 9(3), pages 369-390.
    5. John F. Kain, 1989. "The Economics of Architecture and Urban Design: Some Preliminary Findings," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(2), pages 261-266.
    6. John Clapp & Henry O. Pollakowski & Lloyd Lynford, 1992. "Intrametropolitan Location and Office Market Dynamics," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 229-258.
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    Cited by:
    1. McCartney, John, 2008. "An Empirical Analysis of Development Cycles in the Dublin Office Market 1976-2007," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2008(4-Winter), pages 68-92.
    2. Barrett, Alan & Kearney, Ide & Goggin, Jean, 2008. "Quarterly Economic Commentary, Winter 2008," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20084, September.

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