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Skyscrapers and the Skyline: Manhattan, 1895-2004

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Author Info
Jason Barr ()

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Abstract

This paper investigates the determinants of skyscraper building cycles in Manhattan from 1895 to 2004. We first provide a simple model of the market for tall buildings. Then we empirically estimate the determinants of the time series of the number of skyscraper completions and their average heights over the 110 year period. We estimate the model under the assumption of rational expectations and myopic expectations, and find that the myopic model provides a better fit of the data. Furthermore, we find that several local and national variables determine both the number of completions and the average height of skyscrapers, including New York City area population; national employment in finance, insurance and real estate; building costs; access to financing; property tax rates and zoning regulations.

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Publisher Info
Paper provided by Department of Economics, Rutgers University, Newark in its series Working Papers Rutgers University, Newark with number 2007-002.

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Length: 54 pages
Date of creation: Apr 2007
Date of revision:
Handle: RePEc:run:wpaper:2007-002

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Phone: (973) 353-5259
Web page: http://andromeda.rutgers.edu/~econnwk/
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Related research
Keywords: Skyscrapers; building cycles; building height; Manhattan; New York City; myopic expectations; rational expectations;

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Find related papers by JEL classification:
D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
N61 - Economic History - - Manufacturing and Construction - - - U.S.; Canada: Pre-1913
N62 - Economic History - - Manufacturing and Construction - - - U.S.; Canada: 1913-
R11 - Urban, Rural, and Regional Economics - - General Regional Economics - - - Analysis of Growth, Development, and Changes
R33 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Grenadier, Steven R, 1995. "The Persistence of Real Estate Cycles," The Journal of Real Estate Finance and Economics, Springer, vol. 10(2), pages 95-119, March.
  2. 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. [Downloadable!] (restricted)
    Other versions:
  3. Jim Clayton, 1996. "Rational Expectations, Market Fundamentals and Housing Price Volatility," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(4), pages 441-470. [Downloadable!] (restricted)
  4. Benson, Earl D, et al, 1998. "Pricing Residential Amenities: The Value of a View," The Journal of Real Estate Finance and Economics, Springer, vol. 16(1), pages 55-73, January. [Downloadable!] (restricted)
  5. Hansen, Lars Peter & Sargent, Thomas J., 1980. "Formulating and estimating dynamic linear rational expectations models," Journal of Economic Dynamics and Control, Elsevier, vol. 2(1), pages 7-46, May. [Downloadable!] (restricted)
    Other versions:
  6. David H. Picken & Ben D. Ilozor, 2003. "Height and construction costs of buildings in Hong Kong," Construction Management & Economics, Taylor and Francis Journals, vol. 21(2), pages 107-111, February. [Downloadable!] (restricted)
  7. Bar-Ilan, Avner & Strange, William C, 1996. "Investment Lags," American Economic Review, American Economic Association, vol. 86(3), pages 610-22, June. [Downloadable!] (restricted)
  8. Tony McGough & Sotiris Tsolacos, 1999. "Interactions within the Office Market Cycle in Great Britain," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 219-232. [Downloadable!]
  9. Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, vol. 75(3), pages 505-14, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Jason Barr, 2008. "Skyscraper Height," Working Papers Rutgers University, Newark 2008-002, Department of Economics, Rutgers University, Newark. [Downloadable!]
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