Bargaining Strength and Property Class in Office Markets

Bargaining Strength and Property Class in Office Markets This paper examines the influence of bargaining power and property class on the prices of heterogeneous goods. Specifically, it explores the impact of buyer and seller characteristics on the transaction prices of office properties. The empirical model is based on the work of Harding, Rosenthal, and Sirmans (2003), which developed a method to distinguish between the impact of buyer and seller attributes on bargaining power and the choice of otherwise unidentified price effects (i.e., property class) in the context of hedonic price models. The data set contains information on transaction prices of office properties in Cook, DuPage, and Lake Counties, Illinois from 1995 to 1997. The results reveal systematic differences in bargaining power and property class for certain groups of buyers and sellers contained within the sample. The Journal of Real Estate Finance and Economics Springer Journals

Bargaining Strength and Property Class in Office Markets

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Kluwer Academic Publishers
Copyright © 2006 by Springer Science + Business Media, LLC
Economics; Regional/Spatial Science; Financial Services
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