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A Conceptual Framework for Commercial Property Price Indexes

Author

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  • Diewert, Erwin
  • Shimizu, Chihiro

Abstract

The paper studies the problems associated with the construction of price indexes for commercial properties that could be used in the System of National Accounts. Property price indexes are required for the stocks of commercial properties in the Balance Sheets of the country and related price indexes for the land and structure components of a commercial property are required in the Income Accounts of the country if the Multifactor Productivity of the Commercial Property Industry is calculated as part of the System of National accounts. The paper suggests a variant of the capitalization of the Net Operating Income approach to the construction of property price indexes and uses the one hoss shay or light bulb model of depreciation as a model of depreciation for the structure component of a commercial property.

Suggested Citation

  • Diewert, Erwin & Shimizu, Chihiro, 2013. "A Conceptual Framework for Commercial Property Price Indexes," Economics working papers erwin_diewert-2013-44, Vancouver School of Economics, revised 09 Oct 2013.
    • Handle: RePEc:ubc:bricol:erwin_diewert-2013-44
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    File URL: http://www.economics.ubc.ca/faculty-and-staff/w-erwin-diewert/
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    Citations

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    Cited by:

    1. Chihiro Shimizu & W. Erwin Diewert & Kiyohiko G. Nishimura & Tsutomu Watanabe, 2015. "Estimating quality adjusted commercial property price indexes using Japanese REIT data," Journal of Property Research, Taylor & Francis Journals, vol. 32(3), pages 217-239, September.
    2. Mick Silver, 2016. "How to Better Measure Hedonic Residential Property Price Indexes," IMF Working Papers 2016/213, International Monetary Fund.
    3. W. Erwin Diewert & Kevin J. Fox, 2016. "Sunk costs and the measurement of commercial property depreciation," Canadian Journal of Economics, Canadian Economics Association, vol. 49(4), pages 1340-1366, November.
    4. Wong, SK & Chau, KW & Karato, K & Shimizu, Chihiro, 2013. "Separating the Age Effect from a Repeat Sales Index: Land and Structure Decomposition," HIT-REFINED Working Paper Series 5, Institute of Economic Research, Hitotsubashi University.
    5. Rolf Färe & Shawna Grosskopf & Robin C. Sickles & Chenjun Shang, 2019. "Pricing Characteristics: An Application of Shephard’s Dual Lemma," World Scientific Book Chapters, in: Pricing Non-marketed Goods using Distance Functions, chapter 8, pages 63-86, World Scientific Publishing Co. Pte. Ltd..
    6. repec:upd:utppwp:048 is not listed on IDEAS
    7. Mick Silver & Brian Graf, 2014. "Commercial Property Price Indexes: Problems of Sparse Data, Spatial Spillovers, and Weighting," IMF Working Papers 2014/072, International Monetary Fund.

    More about this item

    Keywords

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    JEL classification:

    • C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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