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

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  • Rena Mourouzi‐Sivitanidou

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 18 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 (such as 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.

Suggested Citation

  • Rena Mourouzi‐Sivitanidou, 2002. "Office Rent Processes: The Case of U.S. Metropolitan Markets," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 317-344.
    • Handle: RePEc:bla:reesec:v:30:y:2002:i:2:p:317-344
    DOI: 10.1111/1540-6229.00042
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    Cited by:

    1. Zeno Adams & Roland Füss, 2012. "Disentangling the Short and Long-Run Effects of Occupied Stock in the Rental Adjustment Process," The Journal of Real Estate Finance and Economics, Springer, vol. 44(4), pages 570-590, May.
    2. Philippe Thalmann, 2012. "Housing Market Equilibrium (almost) without Vacancies," Urban Studies, Urban Studies Journal Limited, vol. 49(8), pages 1643-1658, June.
    3. Hovhannisyan, Vardges & Bozic, Marin, 2016. "The Relationship Between Price And Market Structure: Evidence From The Us Food Retail Industry," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 236222, Agricultural and Applied Economics Association.
    4. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany.
    5. Dirk Brounen & Maarten Jennen, 2009. "Asymmetric Properties of Office Rent Adjustment," The Journal of Real Estate Finance and Economics, Springer, vol. 39(3), pages 336-358, October.

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