Classifying office submarkets

Classifying office submarkets In this paper, it is argued that neo-classical location theory is of limited value in conceptualising the structure of urban office markets. Rather there are sound theoretical and technical arguments for segmenting office markets into distinct submarkets. It is further argued that submarkets, rather than being based on prior knowledge of agents or researchers, should be derived empirically. As an illustration the authors use principal components analysis and cluster analysis to construct office submarkets. The results reported are based on the analysis of a unique dataset of asking rents, physical and locational characteristics of properties on the market in the cities of Glasgow and Edinburgh in the 1990s. From the empirical evidence, it is clear that different factors are important in influencing the structure of the office market in Scotland's major urban centres. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Property Investment & Finance Emerald Publishing

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Publisher
Emerald Publishing
Copyright
Copyright © 2001 MCB UP Ltd. All rights reserved.
ISSN
1463-578X
DOI
10.1108/14635780110387592
Publisher site
See Article on Publisher Site

Abstract

In this paper, it is argued that neo-classical location theory is of limited value in conceptualising the structure of urban office markets. Rather there are sound theoretical and technical arguments for segmenting office markets into distinct submarkets. It is further argued that submarkets, rather than being based on prior knowledge of agents or researchers, should be derived empirically. As an illustration the authors use principal components analysis and cluster analysis to construct office submarkets. The results reported are based on the analysis of a unique dataset of asking rents, physical and locational characteristics of properties on the market in the cities of Glasgow and Edinburgh in the 1990s. From the empirical evidence, it is clear that different factors are important in influencing the structure of the office market in Scotland's major urban centres.

Journal

Journal of Property Investment & FinanceEmerald Publishing

Published: Jun 1, 2001

Keywords: Scotland; Offices; Property markets

References

  • Office rent in the Chicago CBD
    Brennan, T.; Cannaday, R.; Colwell, P.
  • A hedonic price model of office rents
    Dunse, N.A.; Jones, C.A.
  • The extent and limitations of local commercial property market data
    Dunse, N.A.; Jones, C.A.; Orr, A.M.; Tarbert, H.
  • An analysis of office market rents: some empirical evidence
    Glascock, J.; Jahanian, S.; Sirmans, C.
  • The workings of the London office market
    Hendershott, P.; Lizieri, C.; Matysiak, G.
  • An economic basis for the analysis and prediction of local property markets
    Jones, C.
  • Office rent determinants in the Chicago area
    Mills, E.
  • Property valuation and the structure of urban housing markets
    Watkins, C.

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