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Skyscraper Height

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  • Jason Barr

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Abstract

This paper investigates the determinants of skyscraper height. First a simple model is provided where potential developers desire not only profits but also social status. In equilibrium, height is a function of both the costs and benefits of construction and the heights of surrounding buildings. Using data from New York City, I empirically estimate skyscraper height over the 20th century. Via spatial regressions, I find evidence for height competition, which increases during boom times. In addition, I provide estimates of which buildings are economically “too tall” and by how many floors. Copyright Springer Science+Business Media, LLC 2012

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File URL: http://hdl.handle.net/10.1007/s11146-010-9274-z
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Bibliographic Info

Article provided by Springer in its journal The Journal of Real Estate Finance and Economics.

Volume (Year): 45 (2012)
Issue (Month): 3 (October)
Pages: 723-753

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Handle: RePEc:kap:jrefec:v:45:y:2012:i:3:p:723-753

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

Related research

Keywords: Skyscrapers; Building height; Status; New York City; D44; N62; R33;

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References

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  1. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, vol. 79(1), pages 125-37, March.
  2. Strange William C., 1995. "Information, Holdouts, and Land Assembly," Journal of Urban Economics, Elsevier, vol. 38(3), pages 317-332, November.
  3. Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, vol. 75(3), pages 505-14, June.
  4. Bar-Ilan, Avner & Strange, William C, 1996. "Investment Lags," American Economic Review, American Economic Association, vol. 86(3), pages 610-22, June.
  5. Ed Hopkins & Tatiana Kornienko, 2004. "Running to Keep in the Same Place: Consumer Choice as a Game of Status," ESE Discussion Papers 92, Edinburgh School of Economics, University of Edinburgh.
  6. Brueckner, Jan K. & Saavedra, Luz A., 2001. "Do Local Governments Engage in Strategic Property-Tax Competition?," National Tax Journal, National Tax Association, vol. 54(n. 2), pages 203-30, June.
  7. Jason Barr, 2007. "Skyscrapers and the Skyline: Manhattan, 1895-2004," Working Papers Rutgers University, Newark 2007-002, Department of Economics, Rutgers University, Newark.
  8. 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.
  9. Peter F. Colwell & M. Shahid Ebrahim, 1997. "A Note on the Optimal Design of an Office Building," Journal of Real Estate Research, American Real Estate Society, vol. 14(2), pages 169-174.
  10. Helsley, Robert W. & Strange, William C., 2008. "A game-theoretic analysis of skyscrapers," Journal of Urban Economics, Elsevier, vol. 64(1), pages 49-64, July.
  11. 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.
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Cited by:
  1. Hans R. A. Koster & Piet Rietveld & Jos N. van Ommerren, 2011. "Is the Sky the Limit? An Analysis of High-Rise Office Buildings," SERC Discussion Papers 0086, Spatial Economics Research Centre, LSE.

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