Brokerage Intermediation in the Commercial Property Market

William G. Hardin (), Ken H. Johnson () and Zhonghua Wu ()
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William G. Hardin: Florida International University
Ken H. Johnson: Florida International University
Zhonghua Wu: Florida International University

Journal of Real Estate Research, 2009, vol. 31, issue 4, 397-420

Abstract: This study is one of the first to investigate brokerage intermediation effects in the income producing commercial property market. Employing multifamily sales data from the Atlanta and Phoenix markets under alternative brokerage specifications, little evidence to support the existence of systematic, differential transaction pricing outcomes due to the presence of brokers is found. The results suggest that the existence of brokerage intermediation effects is likely minimal in commercial markets that are relatively transparent, that have participants who are knowledgeable, and where value and price are typically determined based on a property’s income generating capacity.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (3)

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