Did Office Market Size Matter in the 1980s? A Time-Series Cross-Sectional Analysis of Metropolitan Area Office Markets |
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| Authors: | Henry O. Pollakowski Susan M. Wachter Lloyd Lynford |
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| Affiliation: | Joint Center for Housing Studies, Harvard University, Cambridge, Massachusetts 02138;The Wharton School, University of Pennsylvania, Philadelphia, Pennsylvania 19104;REIS Reports, Inc., New York City, New York 10016 |
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| Abstract: | Recent contributions to the literature have resulted in a standard modelling of office markets. The models provide considerable insight into the working of office markets. • Nonetheless, a major difficulty is the use of data for a single city or aggregate data for the U.S. The latter implicitly assumes that model structure is invariant across cities. In this article we test for structural differences in office markets by size class. Rental data from REIS Reports for twenty-one metropolitan areas for the time period 1981 to 1990 are used to model office market behavior. Results suggest market outcomes vary by city size, larger markets are better modelled using standard procedures, and Manhattan behaves quite differently from the other markets. |
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