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Designing a price index for the Spanish commercial real estate market

Author

Listed:
  • Matías Lamas

    (Banco de España)

  • Sara Romaniega

    (European Central Bank)

Abstract

This paper proposes a price index for the Spanish commercial real estate (CRE) market and its main segments. No official price indices currently exist for these assets and non-official statistics are thin on the ground and offer limited coverage. The estimated index fills this statistical gap, providing for enhanced monitoring of CRE market developments. The price indicator draws on the methodology used to calculate the Spanish National Statistics Institute’s housing market price indices, but factoring in certain elements specific to the CRE sector. Various alternative indices are also considered, although the indicator proposed is that which strikes the best balance between the different statistical properties analysed here.

Suggested Citation

  • Matías Lamas & Sara Romaniega, 2022. "Designing a price index for the Spanish commercial real estate market," Occasional Papers 2203, Banco de España.
    • Handle: RePEc:bde:opaper:2203e
    as

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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/22/Files/do2203e.pdf
    File Function: First version, March 2022
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    File URL: https://www.bde.es/f/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/22/Fich/do2203.pdf
    File Function: Spanish version
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    More about this item

    Keywords

    commercial real estate market; price indices; hedonic regression modela;
    All these keywords.

    JEL classification:

    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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    This paper has been announced in the following NEP Reports:

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