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Urban Focal Points and Design Quality Influence Rents: The Tel Aviv Office Market

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Abstract

Israel is steadily shifting towards a services-heavy economy. The city of Tel Aviv, which specializes in commercial, business and financial services, is the country’s office-space capital. This study aims to reveal the factors influencing rent levels within Tel Aviv’s expanding office market. The research confirms that important contributors are access to any of three major urban foci and the quality of building design. Lesser contributors are building height and floor area. Age of building and area-wide density of manufacturing are detractors of value. Density of services was originally intended to stand in for face-to-face facilitation. However, its estimation power is disappointing when compared to foci access.

Suggested Citation

  • Daniel Gat, 1998. "Urban Focal Points and Design Quality Influence Rents: The Tel Aviv Office Market," Journal of Real Estate Research, American Real Estate Society, vol. 16(2), pages 229-247.
  • Handle: RePEc:jre:issued:v:16:n:2:1998:p:229-247
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    File URL: http://pages.jh.edu/jrer/papers/pdf/past/vol16n02/v16p229.pdf
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    References listed on IDEAS

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    1. Colwell, Peter F. & Munneke, Henry J., 1997. "The Structure of Urban Land Prices," Journal of Urban Economics, Elsevier, vol. 41(3), pages 321-336, May.
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    Cited by:

    1. Gabriel M. Ahlfeldt & Nancy Holman, 2015. "Distinctively Different: A New Approach to Valuing Architectural Amenities," SERC Discussion Papers 0171, Spatial Economics Research Centre, LSE.
    2. Franz Fuerst & Patrick McAllister & Claudia Murray, 2009. "Designer Buildings: An Evaluation of the Price Impacts of Signature Architects," Real Estate & Planning Working Papers rep-wp2009-10, Henley Business School, Reading University.
    3. Gabriel Ahlfeldt & Alexandra Mastro, 2012. "Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois," Housing Studies, Taylor & Francis Journals, pages 1079-1099.
    4. Franz Fuerst & Patrick McAllister, 2008. "Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings," Real Estate & Planning Working Papers rep-wp2008-09, Henley Business School, Reading University.
    5. Franz Fuerst, 2008. "Office Rent Determinants: a Hedonic Panel Analysis," Real Estate & Planning Working Papers rep-wp2008-12, Henley Business School, Reading University.
    6. repec:fgv:eaespw:01 is not listed on IDEAS
    7. Gabriel Ahlfeldt & Alexandra Mastro, 2012. "Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois," Housing Studies, Taylor & Francis Journals, pages 1079-1099.
    8. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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