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A Comparison of Federal Government Office Rents with Market Rents

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  • Allen, Marcus T
  • Rutherford, Ronald C
  • Warner, Larry J

Abstract

This study examines Federal Government office leases using data from Texas and Oklahoma during the 1981-1991 time period. The lease indifference model presented here indicates that landlords may be willing to accept lower rents from government tenants due to reduced tenant risk, but that such discounts may be offset by other premiums implicit in the lease contract. The data collected for this study reveal that rents paid by the government are significantly higher than average market rents during this time period. A time-series, cross-sectional regression analysis of the spread between market rents and office rents to government tenants markets suggests that the difference is affected in part by expense pass-throughs, lease period, amount of space leased, and local market conditions. Copyright 1997 by Kluwer Academic Publishers

Suggested Citation

  • Allen, Marcus T & Rutherford, Ronald C & Warner, Larry J, 1997. "A Comparison of Federal Government Office Rents with Market Rents," The Journal of Real Estate Finance and Economics, Springer, vol. 15(2), pages 181-192, October.
    • Handle: RePEc:kap:jrefec:v:15:y:1997:i:2:p:181-92
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