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The Information Precision of CBD Office Vacancy Rates

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Author Info
Leon G. Shilton (Fordham GBA Real Estate Research Center Fordham University 113 West 60th Street New York, New York 10023)
Janet K. Tandy (InfoSources Cupertino, California)
Abstract

Consistent with the rational expectations information model (REIM), the difference among reported area CBD office vacancy rates is proportional to the level of vacancy, inversely proportional to the size of the inventory, and significantly higher when both a national vendor and a local agent make simultaneous reports. Underlying volatility in the market and the cost and difficulty of acquiring information are the principal causes of the information variance. The difficulties and ambiguities in obtaining information are reviewed and the Diamond REIM model is tested using encountered published vacancy rates for central business districts for the period 1985-1989.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol08n03/v08p421.pdf
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Publisher Info
Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 8 (1993)
Issue (Month): 3 ()
Pages: 421-444
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:jre:issued:v:8:n:3:1993:p:421-444

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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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L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

References listed on IDEAS
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.:

  1. John L. Glascock & Shirin Jahanian & C. F. Sirmans, 1990. "An Analysis of Office Market Rents: Some Empirical Evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(1), pages 105-119. [Downloadable!] (restricted)
  2. Theron R. Nelson & Susan Logan Nelson, 1988. "Franchise Affiliation and Brokerage Firm Selection: A Perceptual Investigation," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 87-107. [Downloadable!]
  3. Diamond, Douglas W, 1985. " Optimal Release of Information by Firms," Journal of Finance, American Finance Association, vol. 40(4), pages 1071-94, September. [Downloadable!] (restricted)
  4. Brennan, Michael J & Hughes, Patricia J, 1991. " Stock Prices and the Supply of Information," Journal of Finance, American Finance Association, vol. 46(5), pages 1665-91, December. [Downloadable!] (restricted)
  5. James R. Frew & G. Donald Jud, 1988. "The Vacancy Rate and Rent Levels in the Commercial Office Market," Journal of Real Estate Research, American Real Estate Society, vol. 3(1), pages 1-8. [Downloadable!]
  6. Capozza, Dennis R & Schwann, Gregory M, 1990. "The Value of Risk in Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 3(2), pages 117-40, June.
  7. M. Atef Sharkawy, 1990. "Evaluating Spatiotemporal Consistency of Secondary Office Market Data," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 341-354. [Downloadable!]
  8. Shilling, James D. & Sirmans, C. F. & Corgel, John B., 1987. "Price adjustment process for rental office space," Journal of Urban Economics, Elsevier, vol. 22(1), pages 90-100, July. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Leon Shilton, 1998. "Patterns of Office Employment Cycles," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 339-354. [Downloadable!]
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