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Office rent determinants: a hedonic panel analysis

Fuerst, F., (2008) Office rent determinants: a hedonic panel analysis. Working Papers in Real Estate & Planning . 12/08. Working Paper. University of Reading, Reading. pp48.

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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 to gain insight into the rent price formation and its stability across space and over time. No support is found for the single-market hypothesis which states that arbitrage opportunities effectively align real estate pricing schemes in various parts of city. Instead, the results suggest that the importance of hedonic pricing factors varies both over time and across submarkets.

Item Type:Report (Working Paper)
Divisions:Henley Business School > Real Estate and Planning
ID Code:27011
Uncontrolled Keywords:Real estate, office market, hedonic analysis, panel analysis, market fragmentation, efficient markets, spatiotemporal models
Publisher:University of Reading
Publisher Statement:The copyright of each working paper remains with the author. If you wish to quote from or cite any paper please contact the appropriate author; in some cases a more recent version of the paper may have been published elsewhere.


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