Office Rent Processes: The Case of U.S. Metropolitan Markets

Rena Sivitanidou

No 8664, Working Paper from USC Lusk Center for Real Estate

Abstract: This paper synthesizes elements of the traditional and contemporary theory of real estate markets to formulate an empirical framework for exploring metropolitan office rent processes. Such a framework is then applied to the analysis of office rents across eighteen U.S. office markets during 1986-1995. The empirical results underscore the sluggishness of rental adjustments, highlight the extent of rental disequilibria across markets, and uncover the role of office employment factors--size, diversity, spatial organization, growth rates, and volatility--, construction costs, interest rates, amenities, and zoning in shaping interarea differentials in the equilibrium component of office rents.

Keywords: Real Estate; Metropolitan areas; office rent; Markets (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:luk:wpaper:8664

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