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The Avenue Effect, Landmark Externalities, and Cubic Transformation: Manhattan Office Valuation

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  • Shilton, Leon
  • Zaccaria, Anthony

Abstract

A functional form for the valuation of office buildings is a third-order function that replicates the constrained cost function in which one of the inputs, land, is fixed. The third-order transformation improves a hedonic regression pricing model and reduces the autocorrelation. The presence of neighborhood landmarks, selected avenue address, and building size influence the office building value. The data set includes 103 midtown Manhattan office building sales transactions from 1980 to first quarter 1990. Copyright 1994 by Kluwer Academic Publishers

Suggested Citation

  • Shilton, Leon & Zaccaria, Anthony, 1994. "The Avenue Effect, Landmark Externalities, and Cubic Transformation: Manhattan Office Valuation," The Journal of Real Estate Finance and Economics, Springer, vol. 8(2), pages 151-165, March.
    • Handle: RePEc:kap:jrefec:v:8:y:1994:i:2:p:151-65
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    Cited by:

    1. Franz Fuerst & Patrick McAllister & Claudia Murray, 2009. "Designer Buildings: An Evaluation of the Price Impacts of Signature Architects," Real Estate & Planning Working Papers rep-wp2009-10, Henley Business School, University of Reading.
    2. Neil Dunse & Colin Jones, 2002. "The existence of office submarkets in cities," Journal of Property Research, Taylor & Francis Journals, vol. 19(2), pages 159-182, January.
    3. Ignatenko, Anna (Игнатенко, Анна) & Mikhailova, Tatiana (Михайлова, Татьяна), 2015. "Pricing in the office rental market in Moscow: hedonic analysis [Ценообразование На Рынке Аренды Офисной Недвижимости Москвы: Гедонический Анализ]," Ekonomicheskaya Politika / Economic Policy, Russian Presidential Academy of National Economy and Public Administration, vol. 4, pages 156-177.
    4. Liu, Crocker H. & Rosenthal, Stuart S. & Strange, William C., 2018. "The vertical city: Rent gradients, spatial structure, and agglomeration economies," Journal of Urban Economics, Elsevier, vol. 106(C), pages 101-122.
    5. Ahlfeldt, Gabriel M. & Barr, Jason, 2022. "The economics of skyscrapers: A synthesis," Journal of Urban Economics, Elsevier, vol. 129(C).
    6. Sofia Dermisi & John F. McDonald, 2010. "Selling Prices/sq.ft. of Office Buildings in Downtown Chicago – How Much Is It Worth to Be an Old But Class A Building?," Journal of Real Estate Research, American Real Estate Society, vol. 32(1), pages 1-22.
    7. Peter Colwell & Henry Munneke, 2006. "Bargaining Strength and Property Class in Office Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 33(3), pages 197-213, November.
    8. Barrett A. Slade, 2000. "Office Rent Determinants during Market Decline and Recovery," Journal of Real Estate Research, American Real Estate Society, vol. 20(3), pages 357-380.
    9. Allen C. Goodman & Brent C Smith, 2023. "Medical Service Quality and Office Rent Premiums: Reputation Spillovers," The Journal of Real Estate Finance and Economics, Springer, vol. 66(3), pages 680-708, April.
    10. Franz Fuerst & Patrick McAllister, 2008. "Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings," Real Estate & Planning Working Papers rep-wp2008-09, Henley Business School, University of Reading.
    11. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany.
    12. Martijn (M.I.) Droes & Boris Ziermans & Philip Koppels, 2017. "Information Asymmetry, Lease Incentives, and the Role of Advisors in the Market for Commercial Real Estate," Tinbergen Institute Discussion Papers 17-106/IV, Tinbergen Institute.
    13. Evren Ozus, 2009. "Determinants of Office Rents in the Istanbul Metropolitan Area," European Planning Studies, Taylor & Francis Journals, vol. 17(4), pages 621-633, April.

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