Is There a Term Structure? Empirical Evidence from Shanghai Office Rental Market
This paper mainly conducts an empirical study of the term structure of the Shanghai office rental market. Based on 555 executed contracts in the Shanghai office rental market from 2005 to 2008, the building quality and micro location are controlled, which are generally omitted in previous studies, through ranking of buildings and dividing the sample into 11 small central business districts (CBDs). The empirical results show that there is a downward term structure in the Shanghai market, but it is not very consistent during the studied years.
Volume (Year): 12 (2009)
Issue (Month): 1 ()
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- Gerald Buetow, Jr. & Joseph Albert, 1998. "The Pricing of Embedded Options in Real Estate Lease Contracts," Journal of Real Estate Research, American Real Estate Society, vol. 15(3), pages 253-266.
- Booth, Philip & Walsh, Duncan, 2001. "An option pricing approach to valuing upward only rent review properties with multiple reviews," Insurance: Mathematics and Economics, Elsevier, vol. 28(2), pages 151-171, April.
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- Barrett A. Slade, 2000. "Office Rent Determinants during Market Decline and Recovery," Journal of Real Estate Research, American Real Estate Society, vol. 20(3), pages 357-380.
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