Modèles hédoniques et stratégies de localisation : l’influence des tiers-lieux de travail sur les prix immobiliers à Paris

This is the first study to use a hedonic model to assess the impact of third workspaces (coworking and incubators) on the value of residential and commercial properties. The model is tested on a sample of transactions recorded in Paris in 2019 (26 054 residential and 1 730 commercial). For apartments, the presence of third workplaces (coworking spaces and incubators) is significant for residential prices. Residential prices are positively affected by the presence of both types of third places. However, for commercial prices, the presence of coworking spaces has an impact, while the presence of incubators does not. Commercial prices are positively impacted by the presence of coworking spaces. Overall, the results reveal a positive impact on residential prices (commuting time logic) and on commercial properties (localization externalities logic). To check the robustness of the hedonic model results, three different paired sample tests are conducted. To control for a possible effect due to a strategy of third workplaces localization, we deployed an original method based on three paired-sample tests comparing the evolution of prices before/after the creation of third workplaces. Results show that prices increase more quickly in the period following the creation of a third place than in the previous period. This effect cannot be explained solely by a market cycle. This corroborates the direct effect of third workspaces on prices and excludes the alternative explanation by a possible strategy of localization of these. The results confirm the existence of a direct effect: there is indeed an increase in the price growth rate after the creation of a third workplace. This leads to them now being considered as neighborhood amenities.