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Rental Depreciation, Obsolescence and Location: the Case of Industrial Properties

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  • Neil Dunse
  • Colin Jones

Abstract

This study explores the basic premise that depreciation/obsolescence will systematically vary by location and sets out to assess the spatial dimension to these processes. A series of hypotheses linking differential locational rates of depreciation within a framework of local industrial property market areas are developed. These hypotheses are tested by the use of hedonic regression analysis based on industrial properties in five industrial property market areas in west central Scotland. This is followed by a series of statistical tests to establish whether rates of depreciation are distinct in these local property market areas. The results demonstrate that the age coefficients, and hence depreciation, vary significantly between local industrial property markets and therefore support the essential contention of the study, namely the existence of spatial variations in the rate of depreciation.

Suggested Citation

  • Neil Dunse & Colin Jones, 2005. "Rental Depreciation, Obsolescence and Location: the Case of Industrial Properties," Journal of Property Research, Taylor & Francis Journals, vol. 22(2-3), pages 205-223, October.
    • Handle: RePEc:taf:jpropr:v:22:y:2005:i:2-3:p:205-223
    DOI: 10.1080/09599910500453988
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    Cited by:

    1. Huub Ploegmakers & Pascal Beckers & Erwin Van der Krabben, 2018. "The impact of planning intervention on business development: Evidence from the Netherlands," Urban Studies, Urban Studies Journal Limited, vol. 55(14), pages 3252-3273, November.
    2. Jasper Beekmans, 2011. "An indicator for decline of industrial estates," ERES eres2011_281, European Real Estate Society (ERES).

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