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The Information Precision of CBD Office Vacancy Rates

Consistent with the rational expectations information model (REIM), the difference among reported area CBD office vacancy rates is proportional to the level of vacancy, inversely proportional to the size of the inventory, and significantly higher when both a national vendor and a local agent make simultaneous reports. Underlying volatility in the market and the cost and difficulty of acquiring information are the principal causes of the information variance. The difficulties and ambiguities in obtaining information are reviewed and the Diamond REIM model is tested using encountered published vacancy rates for central business districts for the period 1985-1989.

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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 8 (1993)
Issue (Month): 3 ()
Pages: 421-444

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Handle: RePEc:jre:issued:v:8:n:3:1993:p:421-444
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. John L. Glascock & Shirin Jahanian & C. F. Sirmans, 1990. "An Analysis of Office Market Rents: Some Empirical Evidence," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(1), pages 105-119.
  2. Diamond, Douglas W, 1985. " Optimal Release of Information by Firms," Journal of Finance, American Finance Association, vol. 40(4), pages 1071-94, September.
  3. John S. Hekman, 1985. "Rental Price Adjustment and Investment in the Office Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 13(1), pages 32-47.
  4. Theron R. Nelson & Susan Logan Nelson, 1988. "Franchise Affiliation and Brokerage Firm Selection: A Perceptual Investigation," Journal of Real Estate Research, American Real Estate Society, vol. 3(2), pages 87-107.
  5. James R. Frew & G. Donald Jud, 1988. "The Vacancy Rate and Rent Levels in the Commercial Office Market," Journal of Real Estate Research, American Real Estate Society, vol. 3(1), pages 1-8.
  6. Brennan, Michael J & Hughes, Patricia J, 1991. " Stock Prices and the Supply of Information," Journal of Finance, American Finance Association, vol. 46(5), pages 1665-91, December.
  7. Terry V. Grissom & Ko Wang & James R. Webb, 1992. "The Spatial Equilibrium of Intra-Regional Rates of Return and the Implications for Real Estate Portfolio Diversification," Journal of Real Estate Research, American Real Estate Society, vol. 7(1), pages 59-72.
  8. Richard Voith & Theodore Crone, 1988. "National Vacancy Rates and the Persistence of Shocks in U.S. Office Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 437-458.
  9. Shilling, James D. & Sirmans, C. F. & Corgel, John B., 1987. "Price adjustment process for rental office space," Journal of Urban Economics, Elsevier, vol. 22(1), pages 90-100, July.
  10. Capozza, Dennis R & Schwann, Gregory M, 1990. "The Value of Risk in Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 3(2), pages 117-40, June.
  11. M. Atef Sharkawy, 1990. "Evaluating Spatiotemporal Consistency of Secondary Office Market Data," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 341-354.
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