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Did Office Market Size Matter in the 1980s? A Time-Series Cross-Sectional Analysis of Metropolitan Area Office Markets

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  • Henry O. Pollakowski
  • Susan M. Wachter
  • Lloyd Lynford

Abstract

Recent contributions to the literature have resulted in a standard modelling of office markets. The models provide considerable insight into the working of office markets. • Nonetheless, a major difficulty is the use of data for a single city or aggregate data for the U.S. The latter implicitly assumes that model structure is invariant across cities. In this article we test for structural differences in office markets by size class. Rental data from REIS Reports for twenty-one metropolitan areas for the time period 1981 to 1990 are used to model office market behavior. Results suggest market outcomes vary by city size, larger markets are better modelled using standard procedures, and Manhattan behaves quite differently from the other markets. Copyright American Real Estate and Urban Economics Association.

Suggested Citation

  • Henry O. Pollakowski & Susan M. Wachter & Lloyd Lynford, 1992. "Did Office Market Size Matter in the 1980s? A Time-Series Cross-Sectional Analysis of Metropolitan Area Office Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 302-324.
  • Handle: RePEc:bla:reesec:v:20:y:1992:i:2:p:302-324
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    Cited by:

    1. Stephen Malpezzi & James D. Shilling & Yu Yun Jessie Yang, 2001. "The Stock of Private Real Estate Capital in U.S. Metropolitan Areas," Journal of Real Estate Research, American Real Estate Society, vol. 22(3), pages 243-270.
    2. Barrett, Alan & Kearney, Ide & Goggin, Jean, 2008. "Quarterly Economic Commentary, Winter 2008," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20084, April.
    3. V.Atilla Oven & Dilek Pekdemir, 2004. "A comparison between office rent determinants of Istanbul and other major metropolitan areas," ERSA conference papers ersa04p166, European Regional Science Association.
    4. Rena Sivitanidou, 1999. "Does the Theory of Irreversible Investments Help Explain Movements in Office-Commerical Construction?," Working Paper 8659, USC Lusk Center for Real Estate.
    5. McCartney, John, 2008. "An Empirical Analysis of Development Cycles in the Dublin Office Market 1976-2007," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2008(4-Winter), pages 68-92.

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