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- Title
The Effect of Clustering on Office Rents: Evidence from the Amsterdam Market.
- Authors
Jennen, Maarten G.J.; Brounen, Dirk
- Abstract
This article examines the rent effects of office clustering in the Amsterdam office market for the period 2000–2005. We isolate the rent effects of location density based on geographic information system (GIS) methodology, while controlling for variations in object characteristics in a cross-sectional hedonic model. While controlling for the age, location and quality of the object, we find a strong positive effect of being located in dense office areas. We find that the vicinity of other office objects is priced into rent levels, regardless of market conditions. This article extends existing literature by examining the influence of clustering outside the United States, during changing economic tides and by application of novel methodology, based on objective clustering schemes, which can be replicated for other geographic areas.
- Subjects
RENT (Economic theory); OFFICE buildings; COMMERCIAL buildings; REAL property sales &; prices; REAL property; FINANCE; LAND use; ECONOMICS
- Publication
Real Estate Economics, 2009, Vol 37, Issue 2, p185
- ISSN
1080-8620
- Publication type
Article
- DOI
10.1111/j.1540-6229.2009.00239.x