The impact of office buildings’ spatial features on vacancy in the office market in Warsaw

Krzysztof Nowak and Magorzata Snarska

ERES from European Real Estate Society (ERES)

Abstract: The spatial dependencies in commercial real estate markets nowadays have become quite a general knwoledge. However, most of papers based on spatial analysis investigate dependence in prices or rents. The two factros influence capital gains of CRE investments. The third indicator of property investment efficiency is vacancy which reflects market potential risk. Nevertheless, vacancy has not received much spatial analysis research. At the same time it seems to be quite clear that the location of commercial real estate affects prices and rents but also vacancy / occupation of buildings. We verify the impact of charateristics and location effects of office buildings on changes in vacancy in the CEE capital. The study is focused on a use of the spatial econometric methodology to monthly transaction based changes in vacancy in the office market in Warsaw for a period of 2019-2024.

Keywords: office buildings' hedonic features; Office Market; Spatial dependence; vacancy rate (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2025-01-01
New Economics Papers: this item is included in nep-inv
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