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Office Rent Determinants: A Hedonic Panel Analysis

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Author Info
Fuerst, Franz

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Abstract

It has been frequently observed that office markets are subject to particularly high fluctuations in rents and vacancy levels, thus exposing real estate investors to considerable risk regarding expected future income streams. This paper analyzes the determinants of office rents and their variability over time and across sub-markets of a city using empirical data from New York City to gain additional insight into the rent price formation and its stability across space and over time.

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File URL: http://mpra.ub.uni-muenchen.de/11445/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11445.

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Date of creation: Oct 2007
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Handle: RePEc:pra:mprapa:11445

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Related research
Keywords: Real estate; office market; hedonic analysis; panel analysis; market fragmentation; efficient markets; spatiotemporal models;

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Find related papers by JEL classification:
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
R12 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data
R33 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

References listed on IDEAS
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  1. Daniel Gat, 1998. "Urban Focal Points and Design Quality Influence Rents: The Tel Aviv Office Market," Journal of Real Estate Research, American Real Estate Society, vol. 16(2), pages 229-247. [Downloadable!]
  2. John L. Glascock & Minbo Kim & C.F. Sirmans, 1993. "An Analysis of Office Market Rents: Parameter Constancy and Unobservable Variables," Journal of Real Estate Research, American Real Estate Society, vol. 8(4), pages 625-638. [Downloadable!]
  3. Leon Shilton & Craig Stanley, 1999. "Spatial Patterns of Headquarters," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 341-364. [Downloadable!]
  4. Charles R. Hulten, 2003. "Price hedonics: a critical review," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 5-15. [Downloadable!]
  5. Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-22, Jan.-Marc. [Downloadable!] (restricted)
  6. G. Stacy Sirmans & C.F. Sirmans & John D. Benjamin, 1989. "Determining Apartment Rent: The Value of Amenities, Services, and External Factors," Journal of Real Estate Research, American Real Estate Society, vol. 4(2), pages 33-44. [Downloadable!]
  7. Arellano, Manuel & Bover, Olympia, 1995. "Another look at the instrumental variable estimation of error-components models," Journal of Econometrics, Elsevier, vol. 68(1), pages 29-51, July. [Downloadable!] (restricted)
    Other versions:
  8. D M Hanink, 1997. "The integration of intrametropolitan office markets," Environment and Planning A, Pion Ltd, London, vol. 29(3), pages 391-404, March. [Downloadable!] (restricted)
  9. Alexandra Krystalogianni & George Matysiak & Sotiris Tsolacos, 2004. "Forecasting UK commercial real estate cycle phases with leading indicators: a probit approach," Applied Economics, Taylor and Francis Journals, vol. 36(20), pages 2347-2356, November. [Downloadable!] (restricted)
  10. John M. Clapp, 2004. "A Semiparametric Method for Estimating Local House Price Indices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(1), pages 127-160, 03. [Downloadable!] (restricted)
  11. Wayne R. Archer & Marc T. Smith, 2003. "Explaining Location Patterns of Suburban Offices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 31(2), pages 139-164, 06. [Downloadable!] (restricted)
  12. Sivitanidou Rena, 1995. "Urban Spatial Variations in Office-Commercial Rents: The Role of Spatial Amenities and Commercial Zoning," Journal of Urban Economics, Elsevier, vol. 38(1), pages 23-49, July. [Downloadable!] (restricted)
  13. Sivitanidou, Rena, 1996. "Do Office-Commercial Firms Value Access to Service Employment Centers? A Hedonic Value Analysis within Polycentric Los Angeles," Journal of Urban Economics, Elsevier, vol. 40(2), pages 125-149, September. [Downloadable!] (restricted)
  14. Rosenthal, Stuart S. & Strange, William C., 2001. "The Determinants of Agglomeration," Journal of Urban Economics, Elsevier, vol. 50(2), pages 191-229, September. [Downloadable!] (restricted)
  15. Clapp, John M, 2003. "A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation," The Journal of Real Estate Finance and Economics, Springer, vol. 27(3), pages 303-20, November. [Downloadable!] (restricted)
  16. 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. [Downloadable!]
  17. C.F. Sirmans & Krisandra A. Guidry, 1993. "The Determinants of Shopping Center Rents," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 107-116. [Downloadable!]
  18. 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)
  19. Walter Dolde & Dogan Tirtiroglu, 1997. "Temporal and Spatial Information Diffusion in Real Estate Price Changes and Variances," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 25(4), pages 539-565. [Downloadable!] (restricted)
  20. 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 151-65, March.
  21. Artis, Michael J & Kontolemis, Zenon G & Osborn, Denise R, 1997. "Business Cycles for G7 and European Countries," Journal of Business, University of Chicago Press, vol. 70(2), pages 249-79, April. [Downloadable!] (restricted)
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