An Analysis of Office Market Rents: Parameter Constancy and Unobservable Variables

John Glascock, Minbo Kim and C.F. Sirmans ()
Additional contact information
Minbo Kim: SAS Institute Inc. SAS Campus Drive Cary, North Carolina 27513, http://www.sas.com/
C.F. Sirmans: Department of Finance University of Connecticut Storrs, Connecticut 06269, http://www.nus.edu.sg/

Journal of Real Estate Research, 1993, vol. 8, issue 4, 625-638

Abstract: This paper reexamines variations in office building rents using data for a six-year period in a medium-sized city. Previous literature has relied on estimates using OLS estimation of standard fixed-effects models. We test for structural shifts and parameter constancy using random effects on heteroscedastic-autoregressive models and we find that structural shifts occur. Overall, the rent adjustment process does not remain unchanged across different time periods or submarkets.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1993
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Citations: View citations in EconPapers (2)

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