Industrial Warehouse Rent Determinants in the Dallas/Fort Worth Area
This paper presents the first empirical analysis of the determinants of pooled variation in industrial warehouse rents. It examines industrial warehouse rents using data for seventeen quarterly periods in the Dallas/Fort Worth metroplex. M/PF Research Inc. provided the data. A random effects model is used to estimate the relationship between market rents for industrial properties and various independent variables. Rent per square foot is positively related to the number of grade high doors, and the annual change in net employment. Rent per square foot is negatively effected by ceiling height, percentage of office space, building age, and the presence of a sprinkler system. The results indicate that rents are significantly impacted by physical characteristics, location, and general market conditions. Additionally, there is evidence to suggest that the relationship between physical characteristics and rents is nonlinear.
Volume (Year): 13 (1997)
Issue (Month): 1 ()
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References listed on IDEAS
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- Edwin S. Mills, 1992. "Office Rent Determinants in the Chicago Area," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 273-287.
- G. Stacy Sirmans & John D. Benjamin, 1991. "Determinants of Market Rent," Journal of Real Estate Research, American Real Estate Society, vol. 6(3), pages 357-380.
- Fuller, Wayne A. & Battese, George E., 1974. "Estimation of linear models with crossed-error structure," Journal of Econometrics, Elsevier, vol. 2(1), pages 67-78, May.
- Hoag, James W, 1980. " Towards Indices of Real Estate Value and Return," Journal of Finance, American Finance Association, vol. 35(2), pages 569-580, May.
- Brent W. Ambrose, 1990. "An Analysis of the Factors Affecting Light Industrial Property Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 355-370.
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