TY - JOUR
T1 - An hedonic analysis of the rental office market in the Tokyo central business district
T2 - 1985-1994 fiscal years
AU - Nagai, Koichi
AU - Kondo, Yasushi
AU - Ohta, Makoto
PY - 2000/3
Y1 - 2000/3
N2 - We study the rental office market in the Tokyo central business district by estimating hedonic equations for the office rent for 1985-94 fiscal years. This period includes the 'Bubble' of asset prices, followed by its deflation. We find that the characteristics related to transportational conveniences are less effective in explaining office rents than the characteristics related to the agglomeration of offices and the amenity characteristics of the office buildings themselves. Using a skewed error-term specification, we show that the discount in rental transactions is not irrelevant. The hedonic office rent indices and possible policy implications are also presented. JEL Classification Numbers: L85, R32.
AB - We study the rental office market in the Tokyo central business district by estimating hedonic equations for the office rent for 1985-94 fiscal years. This period includes the 'Bubble' of asset prices, followed by its deflation. We find that the characteristics related to transportational conveniences are less effective in explaining office rents than the characteristics related to the agglomeration of offices and the amenity characteristics of the office buildings themselves. Using a skewed error-term specification, we show that the discount in rental transactions is not irrelevant. The hedonic office rent indices and possible policy implications are also presented. JEL Classification Numbers: L85, R32.
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U2 - 10.1111/1468-5876.00143
DO - 10.1111/1468-5876.00143
M3 - Article
AN - SCOPUS:0034121562
SN - 1352-4739
VL - 51
SP - 130
EP - 154
JO - Japanese Economic Review
JF - Japanese Economic Review
IS - 1
ER -