Spatial Dependence in International Office Markets
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Author(s)
Eichholtz, Piet M. A.
Rodrigues, Paulo J. M.
Chegut, Andrea Marie
Date Issued
November 2014
Journal
The Journal of Real Estate Finance and Economics
Publisher
Springer US
Citation
Chegut, Andrea M., Piet M. A. Eichholtz, and Paulo J. M. Rodrigues. “Spatial Dependence in International Office Markets.” J Real Estate Finan Econ 51, no. 2 (November 9, 2014): 317–350.
Version
Author's final manuscript
Abstract
This paper investigates spatial dependence in the prices of office buildings in Hong Kong, London, Los Angeles, New York City, Paris, and Tokyo for 2007 to 2013. Compared to prior literature, we find low economic impact from spatial dependence in all six markets, and spatial and spatial-temporal dependence do not moderate the effects of hedonic characteristics statistically or economically. However, investor and seller types as well as neighborhood location have a significant impact on the economic and statistical significance of the spatial and spatial-temporal parameters. Spatial office price indices for London, Paris and Tokyo decline somewhat more than do hedonic indices during the crisis.
MIT Department
Massachusetts Institute of Technology. Center for Real Estate
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Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use.
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DOI of Published Version
https://doi.org/10.1007/s11146-014-9484-x
