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Office Rent Processes: The Case of U.S. Metropolitan Markets

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  • Rena Mourouzi-Sivitanidou

Abstract

This paper synthesizes elements of the traditional and contemporary theory of real estate markets to formulate an empirical framework for exploring metropolitan office rent processes. Such a framework is then applied to the analysis of office rents across 18 U.S. office markets during 1986-1995. The empirical results underscore the sluggishness of rental adjustments, highlight the extent of rental disequilibria across markets, and uncover the role of office employment factors (such as size, diversity, spatial organization, growth rates, and volatility), construction costs, interest rates, amenities, and zoning in shaping interarea differentials in the equilibrium component of office rents. Copyright 2002 by the American Real Estate and Urban Economics Association.

Suggested Citation

  • Rena Mourouzi-Sivitanidou, 2002. "Office Rent Processes: The Case of U.S. Metropolitan Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 317-344.
  • Handle: RePEc:bla:reesec:v:30:y:2002:i:2:p:317-344
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    Cited by:

    1. 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.
    2. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany.

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