摘要:

The American Real Estate and Urban Economics Association is pleased to acknowledge the support of the Homer Hoyt Institute for this special issue on office markets. I am particularly grateful to Maury Seldin, President of the Homer Hoyt Institute, for recognizing the importance of this emerging and timely research area. His support for office market research and his ability to bring together academics, practitioners, and crucial data constitute a valuable contribution to this research area. I also acknowledge the advice and assistance of the former editors of the AREUEA Journal, Donald Haurin and Patric Hendershott; and the current editors, Dennis Capozza, James Shilling, and Kerry Vandell.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00577

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This article discusses the importance of recognizing that there are two distinct but interrelated real estate markets: the market for tenant space and the market for investment capital. The use decision is made in the space market whereas the investment decision is made in the capital market. The article points out that past research has tended to focus on a separate analysis of each of these two markets. That is, research historically has focused on understanding how changes in supply and demand affect equilibrium in either the space market or the capital market as if each market was autonomous. A graphical framework is illustrated that can be used to examine the effect of an exogenous shock to market equilibrium from either the market for space or the market for capital.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00578

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

In this study, we present a simple analytic framework that divides the real estate market into two markets: the market for real estate space and the market for real estate assets. After describing the size and character of flows and stocks in the U.S. real estate market, we use our framework to demonstrate the important connections between the space and asset markets. We illustrate how these real estate markets are affected by the nation's macroeconomy and financial markets, tracing out the impacts resulting from various exogenous shocks on rents, asset prices, construction and the stock of real estate.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00579

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This article develops a conceptual research‐oriented framework for understanding how land uses are allocated in the marketplace. The analyses highlight the crucial roles that market information and transaction costs play in determining the outcomes of transactions between real estate users and suppliers and the dynamics of real estate land uses and price

ISSN:1080-8620    

DOI:10.1111/1540-6229.00580

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper identifies and discusses a number of current issues regarding our understanding of commercial real estate markets. These issues include: 1) accurate estimation of the quantity and location of our nation's commercial space; 2) an understanding of the linkage between the space and capital markets for commercial real estate; 3) identification of the macroeconomic factors that affect the rate of return on commercial property and whether local market factors also affect the rate of return; 4) problems associated with measuring the return characteristics of equity investments in commercial property (including measures of the diversification benefits and inflation‐hedging abilities of this asset class); 5) a better understanding of rental markets, including good measures of changes in effective rents over time; and 6) examination of the rationale for ownership of commercial space by corporate users. This paper reviews recent research related to these questions and suggests future research that should prove to be fruitfu

ISSN:1080-8620    

DOI:10.1111/1540-6229.00581

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Theory and evidence point to interdependency between office location decisions and dynamic growth paths. For example, clerical and administrative support employees are suburbanizing relatively rapidly in most markets in response to changes in technology and transportation. This paper tests the hypothesis that both cross‐sectional and dynamic variables are important determinants of dynamic patterns and office market forecasts.County Business Patterns data at the county and town levels indicate substantial spatial specialization (i.e., agglomeration) by type of office activity. But these agglomerations do shift over time, as indicated by the maintained hypothesis. Our econometric estimates suggest that the demand for office space in submarkets is responsive to agglomerations by type of industry as well as to growth in FIRE employment. The supply of office space is responsive to lagged expected deman

ISSN:1080-8620    

DOI:10.1111/1540-6229.00582

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Our focus in this article is on the extent to which security deposits allow landlords to contract on the intensity with which tenants utilize office space. Much existing discussion recognizes that landlords expect some tenants to be more opportunistic than others, but that landlords often cannot predict a tenant's future behavior. As a consequence, landlords will charge all tenants, both low‐utilization and high‐utilization ones, a rental externality premium. This rental externality premium gives low‐utilization tenants (or tenants with better credit quality than the market perceives) a strong incentive to sort themselves out. Our findings suggest that office rental contracts with large up‐front security deposits are one way in which different tenant types can sort themselves out. Such contracts reduce landlord uncertainty and imply rental discounts in excess of the foregone interest on the deposit

ISSN:1080-8620    

DOI:10.1111/1540-6229.00583

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

This paper analyzes 1990 office asking rents in the Chicago metropolitan area. It carefully specifies a measure of the present value of a lease, taking account of important properties of rent offers. This present value is the dependent variable in the statistical analysis. The sample data analyzed pertain to 543 offices that contain about 80% of the office space in the metropolitan area. The present value of asking rents is related to many building characteristics and to each building's location. The analysis demonstrates that asking rents depend on about fifteen characteristics of the building and on a careful specification of its location.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00584

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

In this paper we concern ourselves empirically with the influence of rent differentials on the choice between rent contracts with and without relocation provisions investigating the effects of relocation provisions on office rents. The study departs from the extant literature by using a switching simultaneous‐equations model to estimate hedonic rent functions for alternative office lease contracts with choices of relocation provisions. The empirical results suggest that price considerations and certain lease terms are important determinants of the choice of office relocation rights. The results also suggest that certain tenant characteristics, like tenant size and creditworthiness, have only a marginal effect on the choice of relocation right

ISSN:1080-8620    

DOI:10.1111/1540-6229.00585

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY

摘要:

Recent contributions to the literature have resulted in a standard modelling of office markets. The models provide considerable insight into the working of office markets. • Nonetheless, a major difficulty is the use of data for a single city or aggregate data for the U.S. The latter implicitly assumes that model structure is invariant across cities. In this article we test for structural differences in office markets by size class. Rental data from REIS Reports for twenty‐one metropolitan areas for the time period 1981 to 1990 are used to model office market behavior. Results suggest market outcomes vary by city size, larger markets are better modelled using standard procedures, and Manhattan behaves quite differently from the other mark

ISSN:1080-8620    

DOI:10.1111/1540-6229.00586

出版商:Blackwell Publishing Ltd    

年代:1992

数据来源: WILEY