Office Rent Determinants: A Hedonic Panel Analysis

47 Pages Posted: 23 Oct 2007

See all articles by Franz Fuerst

Franz Fuerst

University of Cambridge - Department of Land Economy; University of Melbourne; City University of New York - Center for Urban Research

Date Written: October 18, 2007

Abstract

It has been frequently observed that office markets are subject to particularly high fluctuations in rents and vacancy levels, thus exposing real estate investors to considerable risk regarding expected future income streams. This paper analyzes the determinants of office rents and their variability over time and across sub-markets of a city using empirical data from New York City to gain additional insight into the rent price formation and its stability across space and over time.

Keywords: Real estate, office market, hedonic analysis, panel analysis, market fragmentation, efficient markets, spatiotemporal models

JEL Classification: C33, C51, R33, R12, G14

Suggested Citation

Fuerst, Franz, Office Rent Determinants: A Hedonic Panel Analysis (October 18, 2007). Available at SSRN: https://ssrn.com/abstract=1022828 or http://dx.doi.org/10.2139/ssrn.1022828

Franz Fuerst (Contact Author)

University of Cambridge - Department of Land Economy ( email )

19 Silver Street
Cambridge, CB3 9EP
United Kingdom

HOME PAGE: http://www.landecon.cam.ac.uk/directory/dr-franz-fuerst

University of Melbourne ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

City University of New York - Center for Urban Research

CUNY The Graduate Center
New York, NY 10011
United States

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