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Urban Focal Points and Design Quality Influence Rents: The Tel Aviv Office Market

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Abstract

Israel is steadily shifting towards a services-heavy economy. The city of Tel Aviv, which specializes in commercial, business and financial services, is the country’s office-space capital. This study aims to reveal the factors influencing rent levels within Tel Aviv’s expanding office market. The research confirms that important contributors are access to any of three major urban foci and the quality of building design. Lesser contributors are building height and floor area. Age of building and area-wide density of manufacturing are detractors of value. Density of services was originally intended to stand in for face-to-face facilitation. However, its estimation power is disappointing when compared to foci access.

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  • Daniel Gat, 1998. "Urban Focal Points and Design Quality Influence Rents: The Tel Aviv Office Market," Journal of Real Estate Research, American Real Estate Society, vol. 16(2), pages 229-247.
    • Handle: RePEc:jre:issued:v:16:n:2:1998:p:229-247
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    Cited by:

    1. Gabriel M. Ahlfeldt & Nancy Holman, 2018. "Distinctively Different: A New Approach to Valuing Architectural Amenities," Economic Journal, Royal Economic Society, vol. 128(608), pages 1-33, February.
    2. Franz Fuerst & Patrick McAllister & Claudia Murray, 2009. "Designer Buildings: An Evaluation of the Price Impacts of Signature Architects," Real Estate & Planning Working Papers rep-wp2009-10, Henley Business School, University of Reading.
    3. Paul C. Cheshire & Gerard H. Dericks, 2020. "‘Trophy Architects’ and Design as Rent‐seeking: Quantifying Deadweight Losses in a Tightly Regulated Office Market," Economica, London School of Economics and Political Science, vol. 87(348), pages 1078-1104, October.
    4. Gabriel Ahlfeldt & Alexandra Mastro, 2012. "Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois," Housing Studies, Taylor & Francis Journals, vol. 27(8), pages 1079-1099, November.
    5. Maarten G.J. Jennen & Dirk Brounen, 2009. "The Effect of Clustering on Office Rents: Evidence from the Amsterdam Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(2), pages 185-208, June.
    6. Murakami, Jin & Villani, Caterina & Talamini, Gianni, 2021. "The capital value of pedestrianization in Asia's commercial cityscape: Evidence from office towers and retail streets," Transport Policy, Elsevier, vol. 107(C), pages 72-86.
    7. Gabriel Ahlfeldt & Wolfgang Maennig, 2010. "Stadium Architecture and Urban Development from the Perspective of Urban Economics," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 34(3), pages 629-646, September.
    8. Gabriel M. Ahlfeldt, 2010. "Architektur, Ökonomie – Architekturökonomie," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 11(4), pages 340-355, November.
    9. Du T. HUYNH, 2014. "The Effects Of Clustering On Office Rents: Empirical Evidence From The Rental Office Market In Ho Chi Minh City," Theoretical and Empirical Researches in Urban Management, Research Centre in Public Administration and Public Services, Bucharest, Romania, vol. 9(1), pages 5-26, February.
    10. Franz Fuerst & Patrick McAllister, 2008. "Green Noise or Green Value? Measuring the Price Effects of Environmental Certification in Commercial Buildings," Real Estate & Planning Working Papers rep-wp2008-09, Henley Business School, University of Reading.
    11. Yuval Arbel & Chaim Fialkoff & Amichai Kerner & Miryam Kerner, 2022. "Do population density, socio-economic ranking and Gini Index of cities influence infection rates from coronavirus? Israel as a case study," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 68(1), pages 181-206, February.
    12. Fuerst, Franz, 2007. "Office Rent Determinants: A Hedonic Panel Analysis," MPRA Paper 11445, University Library of Munich, Germany.
    13. V.Atilla Oven & Dilek Pekdemir, 2004. "A comparison between office rent determinants of Istanbul and other major metropolitan areas," ERSA conference papers ersa04p166, European Regional Science Association.
    14. repec:fgv:eaespw:01 is not listed on IDEAS
    15. Wadu Mesthrige Jayantha & Esther Hiu Kwan Yung, 2018. "Effect of Revitalisation of Historic Buildings on Retail Shop Values in Urban Renewal: An Empirical Analysis," Sustainability, MDPI, vol. 10(5), pages 1-18, May.
    16. Charles-Olivier Amédée-Manesme & Francois Des Rosiers & Philippe Grégoire, 2017. "Commercial leases, terms and options in the light of game theory," ERES eres2017_175, European Real Estate Society (ERES).
    17. Skripkiūnas Tomas & Navickas Valentinas, 2023. "Architectural Factors Influencing a Housing Market Value: A Theoretical Framework," Real Estate Management and Valuation, Sciendo, vol. 31(1), pages 25-35, March.
    18. Franz Fuerst & Patrick McAllister & Claudia B Murray, 2011. "Designer Buildings: Estimating the Economic Value of ‘Signature’ Architecture," Environment and Planning A, , vol. 43(1), pages 166-184, January.
    19. Christos Evangelinos & Stefan Tscharaktschiew, 2021. "The Valuation of Aesthetic Preferences and Consequences for Urban Transport Infrastructures," Sustainability, MDPI, vol. 13(9), pages 1-17, April.
    20. Gabriel M. Ahfeldt & Alexandra Mastro, 2011. "Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois," SERC Discussion Papers 0084, Centre for Economic Performance, LSE.

    More about this item

    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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