The Information Precision of CBD Office Vacancy Rates

Leon G. Shilton and Janet K. Tandy
Additional contact information
Leon G. Shilton: Fordham GBA Real Estate Research Center Fordham University 113 West 60th Street New York, New York 10023, http://www.fordham.edu/cba/main.asp
Janet K. Tandy: InfoSources Cupertino, California, http://www.collegeofbusiness.fau.edu/

Journal of Real Estate Research, 1993, vol. 8, issue 3, 421-444

Abstract: Consistent with the rational expectations information model (REIM), the difference among reported area CBD office vacancy rates is proportional to the level of vacancy, inversely proportional to the size of the inventory, and significantly higher when both a national vendor and a local agent make simultaneous reports. Underlying volatility in the market and the cost and difficulty of acquiring information are the principal causes of the information variance. The difficulties and ambiguities in obtaining information are reviewed and the Diamond REIM model is tested using encountered published vacancy rates for central business districts for the period 1985-1989.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1993
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Citations: View citations in EconPapers (3)

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