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Brokerage Intermediation in the Commercial Property Market

Author

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  • William Hardin III
  • Ken Johnson
  • Zhonghua Wu

Abstract

This study is one of the first to investigate brokerage intermediation effects in the income-producing commercial property market. Employing multifamily sales data from the Atlanta and Phoenix markets under alternative brokerage specifications, little evidence to support the existence of systematic, differential transaction pricing outcomes due to the presence of brokers is found. The results suggest that the existence of brokerage intermediation effects is likely minimal in commercial markets that are relatively transparent, that have participants who are knowledgeable, and where value and price are typically determined based on a property's income-generating capacity.

Suggested Citation

  • William Hardin III & Ken Johnson & Zhonghua Wu, 2009. "Brokerage Intermediation in the Commercial Property Market," Journal of Real Estate Research, Taylor & Francis Journals, vol. 31(4), pages 397-420, January.
    • Handle: RePEc:taf:rjerxx:v:31:y:2009:i:4:p:397-420
    DOI: 10.1080/10835547.2009.12091262
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