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The Determinants of Commercial Property Prices and Rents

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  • Dobson, S M
  • Goddard, J A

Abstract

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

Suggested Citation

  • Dobson, S M & Goddard, J A, 1992. "The Determinants of Commercial Property Prices and Rents," Bulletin of Economic Research, Wiley Blackwell, vol. 44(4), pages 301-321, October.
  • Handle: RePEc:bla:buecrs:v:44:y:1992:i:4:p:301-21
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    Cited by:

    1. Anna Alberini, 2007. "Determinants And Effects On Property Values Of Participation In Voluntary Cleanup Programs: The Case Of Colorado," Contemporary Economic Policy, Western Economic Association International, vol. 25(3), pages 415-432, July.
    2. Zeno Adams & Roland Füss, 2012. "Disentangling the Short and Long-Run Effects of Occupied Stock in the Rental Adjustment Process," The Journal of Real Estate Finance and Economics, Springer, vol. 44(4), pages 570-590, May.
    3. Fell, Harrison & Kousky, Carolyn, 2015. "The value of levee protection to commercial properties," Ecological Economics, Elsevier, vol. 119(C), pages 181-188.
    4. I. R. Aliu, 2016. "Marginal land use and value characterizations in Lagos: untangling the drivers and implications for sustainability," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 18(6), pages 1615-1634, December.
    5. Richard Malle, 2010. "Un modèle à équations simultanées du cycle des bureaux en région parisienne," Économie et Prévision, Programme National Persée, vol. 194(3), pages 93-108.
    6. Michal Hlavacek & Ondrej Novotny & Marek Rusnak, 2014. "Office Property in Central European Countries," Occasional Publications - Chapters in Edited Volumes,in: CNB Financial Stability Report 2013/2014, chapter 0, pages 148-155 Czech National Bank, Research Department.

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