An Analysis of Office Market Rents: Some Empirical Evidence
This paper provides an empirical analysis of office building rents using data for a five-year period in a medium- sized city. The results indicate that rent levels respond to various factors in the expected manner: rents vary systematically across classes of buildings and locations, overall market conditions have a significant impact on rents, and contract variations are associated with rent differences. We also present the first evidence at the building level on the rent-vacancy adjustment process. The results show a significant relationship between rent changes and vacancies. Copyright American Real Estate and Urban Economics Association.
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Volume (Year): 18 (1990)
Issue (Month): 1 ()
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