Spatial Dependence in International Office Markets
Author(s)Eichholtz, Piet M. A.; Rodrigues, Paulo J. M.; Chegut, Andrea Marie
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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.
DepartmentMassachusetts Institute of Technology. Center for Real Estate
The Journal of Real Estate Finance and Economics
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.
Author's final manuscript