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An Analysis of Office Market Rents: Parameter Constancy and Unobservable Variables

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Author Info
John L. Glascock (Department of Finance Louisiana State University Baton Rouge, Louisiana 70803)
Minbo Kim (SAS Institute Inc. SAS Campus Drive Cary, North Carolina 27513)
C.F. Sirmans () (Department of Finance University of Connecticut Storrs, Connecticut 06269)

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Abstract

This paper reexamines variations in office building rents using data for a six-year period in a medium-sized city. Previous literature has relied on estimates using OLS estimation of standard fixed-effects models. We test for structural shifts and parameter constancy using random effects on heteroscedastic-autoregressive models and we find that structural shifts occur. Overall, the rent adjustment process does not remain unchanged across different time periods or submarkets.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol08n04/v08p625.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): 4 ()
Pages: 625-638
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Handle: RePEc:jre:issued:v:8:n:4:1993:p:625-638

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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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Find related papers by JEL classification:
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. Smith, Lawrence B, 1974. "A Note on the Price Adjustment Mechanism for Rental Housing," American Economic Review, American Economic Association, vol. 64(3), pages 478-81, June. [Downloadable!] (restricted)
  2. John S. Hekman, 1985. "Rental Price Adjustment and Investment in the Office Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 32-47. [Downloadable!] (restricted)
  3. Stuart A. Gabriel & Frank E. Nothaft, 1988. "Rental Housing Markets and the Natural Vacancy Rate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 419-429. [Downloadable!] (restricted)
  4. Eubank, Arthur A, Jr & Sirmans, C F, 1979. "The Price Adjustment Mechanism for Rental Housing in the United States," The Quarterly Journal of Economics, MIT Press, vol. 93(1), pages 163-68, February. [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. 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. [Downloadable!] (restricted)
  7. 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. [Downloadable!] (restricted)
  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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(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. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany. [Downloadable!]
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