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An Analysis of the Factors Affecting Light Industrial Property Valuation

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Abstract

This paper uses statistical regression techniques to develop a model to explain both warehouse asking prices and warehouse quoted lease rates. In developing the statistical models, the paper provides a useful comparison between ordinary least squares (OLS), and weighted least squares (WLS) techniques. The results indicate that the market for industrial property is rational and that property characteristics determine the majority of the building value. The results also indicate the presence of a clientele effect between the market for industrial property listed for sale and property listed for lease.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol05n03/v05p355.pdf
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Bibliographic Info

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

Volume (Year): 5 (1990)
Issue (Month): 3 ()
Pages: 355-370

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Handle: RePEc:jre:issued:v:5:n:3:1990:p:355-370

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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References

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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  1. William A. Donnelly, 1989. "The Methodology of Housing Value Assessment: An Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 4(2), pages 1-12.
  2. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
  3. Alan K. Reichert & James S. Moore, 1986. "Using Latent Root Regression to Identify Nonpredictive Collinearity in Statistical Appraisal Models," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(1), pages 136-152.
  4. Hoag, James W, 1980. " Towards Indices of Real Estate Value and Return," Journal of Finance, American Finance Association, vol. 35(2), pages 569-80, May.
  5. Peter F. Colwell & Roger E. Cannaday & Chunchi Wu, 1983. "The Analytical Foundations of Adjustment Grid Methods," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 11(1), pages 11-29.
  6. 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.
  7. Joseph B. Lipscomb & J. Brian Gray, 1990. "An Empirical Investigation of Four Market-Derived Adjustment Methods," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 53-66.
  8. Kerry D. Vandell, 1979. "Alternative Estimation Methods for Reduced form Price Equations under Conditions of Multicollinearity: A Comment," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 7(3), pages 427-436.
  9. George W. Gau & Daniel B. Kohlhepp, 1978. "Multicollinearity and Reduced-Form Price Equations For Residential Markets: An Evaluation of Alternative Estimation Methods," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 6(1), pages 50-69.
  10. David H. Richardson & Richard Thalheimer, 1979. "Alternative Methods of Variable Selection: An Application to Real Estate Assessment," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 7(3), pages 393-409.
  11. James L. Kuhle & Josef D. Moorehead, 1990. "Applying the Bootstrap Technique to Real Estate Appraisal: An Empirical Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 33-40.
  12. James R. Lang & Wesley H. Jones, 1979. "Hedonic Property Valuation Models: Are Subjective Measures of Neighborhood Amenities Needed?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 7(4), pages 451-465.
  13. Otis W. Gilley & R. Kelley Pace, 1990. "A Hybrid Cost and Market-Based Estimator for Appraisal," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 75-88.
  14. 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.
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Citations

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Cited by:
  1. Bob Thompson & Sotiris Tsolacos, 1999. "Rent Adjustments and Forecasts in the Industrial Market," Journal of Real Estate Research, American Real Estate Society, vol. 17(2), pages 151-168.
  2. Thomas O. Jackson, 2002. "Environmental Contamination and Industrial Real Estate Prices," Journal of Real Estate Research, American Real Estate Society, vol. 23(1/2), pages 179-200.
  3. Marvin L. Wolverton, 1998. "Empirical Investigation into the Limitations of the Normative Paired Sales Adjustment Method," Journal of Real Estate Research, American Real Estate Society, vol. 15(2), pages 191-204.
  4. Peter Byrne & Stephen Lee, 2008. "Spatial Concentration in Institutional Industrial Real Estate Investment in the England and Wales," Real Estate & Planning Working Papers rep-wp2008-02, Henley Business School, Reading University.
  5. Robert Thompson & Sotiris Tsolacos, 2000. "Projections in the Industrial Property Market using a Simultaneous Equation System," Journal of Real Estate Research, American Real Estate Society, vol. 19(2), pages 165-188.
  6. Frank A. Fehribach & Ronald C. Rutherford & Mark E. Eakin, 1993. "Implicit Liquidity Premiums in the Disposition of RTC Assets," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 365-376.
  7. Richard J. Buttimer, Jr. & Ronald C. Rutherford & Ron Witten, 1997. "Industrial Warehouse Rent Determinants in the Dallas/Fort Worth Area," Journal of Real Estate Research, American Real Estate Society, vol. 13(1), pages 47-56.
  8. Stefania Tonin & Margherita Turvani, 2011. "Environmental contamination and industrial real estate market: an application of hedonic price method in Italy," ERSA conference papers ersa10p511, European Regional Science Association.
  9. Jorrit Sennema, 2010. "Industrial Property Analysis from an Investor's Perspective: The Case of Orange County, California," NEURUS papers neurusp145, NEURUS - Network of European and US Regional and Urban Studies.
  10. Bob Thompson & Sotiris Tsolacos, 2001. "Industrial Land Values — A Guide to Future Markets?," Journal of Real Estate Research, American Real Estate Society, vol. 21(1/2), pages 55-76.

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