The Effect of the Tax Reform Act of 1986 and Overbuilt Markets on Commercial Office Property Values
This is the first empirical study to test the impact of the Tax Reform Act of 1986 on office property values and the impact of regional economic conditions. The results for the period 1983â€“1988 indicate that it had a significant negative effect on values in all four regions and the highest loss was in the South. The significantly higher losses in the South and the West are supportive of the argument that the effect of tax or regulatory changes on real estate will vary across regions based on vacancy rates and economic growth.
Volume (Year): 19 (2000)
Issue (Month): 3 ()
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References listed on IDEAS
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- Brent W. Ambrose & Hugh O. Nourse, 1993. "Factors Influencing Capitalization Rates," Journal of Real Estate Research, American Real Estate Society, vol. 8(2), pages 221-238.
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- Gary C. Sanger & C. F. Sirmans & Geoffrey K. Turnbull, 1990. "The Effects of Tax Reform on Real Estate: Some Empirical Results," Land Economics, University of Wisconsin Press, vol. 66(4), pages 409-424.
- Yoon Dokko & Robert H. Edelstein & Marshall Pomer & E. Scott Urdang, 1991. "Determinants of the Rate of Return for Nonresidential Real Estate: Inflation Expectations and Market Adjustment Lags," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(1), pages 52-69.
- Jeffrey D. Fisher & George H. Lentz, 1986. "Tax Reform and the Value of Real Estate Income Property," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 14(2), pages 287-315.
- William C. Wheaton & Raymond G. Torto, 1988. "Vacancy Rates and the Future of Office Rents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 430-436.
- S. Michael Giliberto, 1992. "A Note on Commercial Mortgage Flows and Construction," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 485-492.
- Mike Miles & Rebel Cole & David Guilkey, 1990. "A Different Look at Commercial Real Estate Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 403-430.
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