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Office Rent Determinants Utilising Factor Analysis—A Case Study for İstanbul

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Author Info
V. Öven ()
Dilek Pekdemir ()

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Abstract

In recent studies, a wide range of variables has been suggested for modelling the variation in office rent. However, only a few of them are found to influence the explanatory power of the model significantly. Moreover, the significance of these variables varies from model to model, depending on the characteristics of the region or/and the model. It is well established that the regression model of complex phenomena do not perform well, unless the effects of all major determinants are adequately represented. It is also known that complex phenomena may involve a large number of variables, and linear regression models often becomes cumbersome as the number of variables increases. A practical solution to the problem may be to pre-select the significant variables, and leave the less influential ones out. An even better solution could be to include all or most variables, while incorporating the group effect of some variables into a reasonable number factor variables. This way, both the accuracy and practicality of the model can be sustained. Serving this purpose, ‘Factor Analysis’ has been employed in establishing the office rent model for the metropolitan area of İstanbul. The results of four different versions of the model, using linear and non-linear regressions are discussed. Copyright Springer Science + Business Media, LLC 2006

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File URL: http://hdl.handle.net/10.1007/s11146-006-8274-5
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Publisher Info
Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

Volume (Year): 33 (2006)
Issue (Month): 1 (August)
Pages: 51-73
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Handle: RePEc:kap:jrefec:v:33:y:2006:i:1:p:51-73

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Web page: http://www.springerlink.com/link.asp?id=102945

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Related research
Keywords: Office rent; Prediction model; Factor analysis;

References listed on IDEAS
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  1. 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)
  2. Patric H. Hendershott & Bryan D. MacGregor & Raymond Y.C. Tse, 2002. "Estimation of the Rental Adjustment Process," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 165-183. [Downloadable!] (restricted)
  3. 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!]
  4. Thomas P. Brennan & Roger E. Cannaday & Peter F. Colwell, 1984. "Office Rent in the Chicago CBD," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 243-260. [Downloadable!] (restricted)
  5. Edwin S. Mills, 1992. "Office Rent Determinants in the Chicago Area," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 273-287. [Downloadable!] (restricted)
  6. 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)
  7. Webb, R. Brian & Fisher, Jeffrey D., 1996. "Development of an Effective Rent (Lease) Index for the Chicago CBD," Journal of Urban Economics, Elsevier, vol. 39(1), pages 1-19, January. [Downloadable!] (restricted)
  8. William C. Wheaton & Raymond G. Torto, 1988. "Vacancy Rates and the Future of Office Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 430-436. [Downloadable!] (restricted)
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