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Office Rent Determinants: A Hedonic Panel Analysis

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  • Fuerst, Franz

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

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  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
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  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. Keith R. Ihlanfeldt & Michael D. Raper, 1990. "The Intrametropolitan Location of New Office Firms," Land Economics, University of Wisconsin Press, vol. 66(2), pages 182-198.
  13. Charles R. Hulten, 2003. "Price hedonics: a critical review," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 5-15.
  14. 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.
  15. 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.
  16. Rosenthal, Stuart S. & Strange, William C., 2001. "The Determinants of Agglomeration," Journal of Urban Economics, Elsevier, vol. 50(2), pages 191-229, September.
  17. Rena Mourouzi-Sivitanidou, 2002. "Office Rent Processes: The Case of U.S. Metropolitan Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 317-344.
  18. Glenn R. Mueller, 1999. "Real Estate Rental Growth Rates at Different Points in the Physical Market Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 131-150.
  19. Leon Shilton & Craig Stanley, 1999. "Spatial Patterns of Headquarters," Journal of Real Estate Research, American Real Estate Society, vol. 17(3), pages 341-364.
  20. Artis, Michael J & Kontolemis, Zenon G & Osborn, Denise R, 1997. "Business Cycles for G7 and European Countries," The Journal of Business, University of Chicago Press, vol. 70(2), pages 249-79, April.
  21. 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.
  22. 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.
  23. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  24. Alexandra Krystalogianni & George Matysiak & Sotiris Tsolacos, 2004. "Forecasting UK commercial real estate cycle phases with leading indicators: a probit approach," Applied Economics, Taylor & Francis Journals, vol. 36(20), pages 2347-2356.
  25. D M Hanink, 1997. "The integration of intrametropolitan office markets," Environment and Planning A, Pion Ltd, London, vol. 29(3), pages 391-404, March.
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