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Pricing Location: A Case Study of the Munich Office Market

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  • Harald Nitsch

Abstract

We present a hedonic price analysis of office rents in Munich, Germany, based on a data set of 46 buildings. Using three parameters -- the distance to the city center ‘Marienplatz’, the distance to the Munich Airport and access to public transportation -- we build a parsimonious model of the impact of location on office rents. After including structural features of the buildings, the explanatory power rises only slightly, given the homogenous structure of the buildings included in the particular dataset. The regressions suggest that the model should be extended by some quantitative measures of neighborhood quality.

Suggested Citation

  • Harald Nitsch, 2006. "Pricing Location: A Case Study of the Munich Office Market," Journal of Property Research, Taylor & Francis Journals, vol. 23(2), pages 93-107, March.
    • Handle: RePEc:taf:jpropr:v:23:y:2006:i:2:p:93-107
    DOI: 10.1080/09599910600800252
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    References listed on IDEAS

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    1. 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.
    2. Koichi Nagai & Yasushi Kondo & Makoto Ohta, 2000. "An Hedonic Analysis of the Rental Office Market in the Tokyo Central Business District: 1985–1994 Fiscal Years," The Japanese Economic Review, Japanese Economic Association, vol. 51(1), pages 130-154, March.
    3. 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, June.
    4. Neil Dunse & Chris Leishman & Craig Watkins, 2002. "Testing for the Existence of Office Sub-markets: A Comparison of Evidence from Two Cities," Urban Studies, Urban Studies Journal Limited, vol. 39(3), pages 483-506, March.
    5. Straszheim, Mahlon R, 1974. "Hedonic Estimation of Housing Market Prices: A Further Comment," The Review of Economics and Statistics, MIT Press, vol. 56(3), pages 404-406, August.
    6. Christopher R. Bollinger & Keith R. Ihlanfeldt & David R. Bowes, 1998. "Spatial Variation in Office Rents within the Atlanta Region," Urban Studies, Urban Studies Journal Limited, vol. 35(7), pages 1097-1118, June.
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    Cited by:

    1. Voigtländer, Michael, 2010. "The Link between the Office Market and Labour Market in Germany," MPRA Paper 23994, University Library of Munich, Germany.
    2. Charles-Olivier Amédée-Manesme & Francois Des Rosiers & Philippe Grégoire, 2017. "Commercial leases, terms and options in the light of game theory," ERES eres2017_175, European Real Estate Society (ERES).

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