The Determinants of Commercial Property Prices and Rents
This paper develops a theoretical model of price and rent determination in the commercial property market. Prices and rents are assumed to adjust to ensure market clearing. A series of theoretical relationships are derived between prices and rents and a number of exogenous variables. These are then subjected to empirical testing for three types of property: industrial property, shops, and offices. The results indicate employment is an important influence on price, especially for industrial property. In most cases, price and rent are also found to be sensitive to interest rates and residential property values. Copyright 1992 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research
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Volume (Year): 44 (1992)
Issue (Month): 4 (October)
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