The Vacancy Rate and Rent Levels in the Commercial Office Market
This paper develops and estimates a cross-sectional model of the commercial office market in which the building vacancy rate is a key factor in the determination of rents. Individual buildings in Greensboro, North Carolina are used as the unit of analysis and simultaneous equation procedures are employed to produce estimates of rent per square foot. The estimates confirm that the vacancy rate must be included when estimating the price of commercial office space.
Volume (Year): 3 (1988)
Issue (Month): 1 ()
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- Cassel, Eric & Mendelsohn, Robert, 1985. "The choice of functional forms for hedonic price equations: Comment," Journal of Urban Economics, Elsevier, vol. 18(2), pages 135-142, September.
- Thomas P. Brennan & Roger E. Cannaday & Peter F. Colwell, 1984. "Office Rent in the Chicago CBD," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 243-260.
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