Chicago's Office Market: Price Indices, Location and Time
研究了1986至1993年间芝加哥写字楼的实际销售价格，发现名义价格并未如传统观点所说在80年代末下降，反而呈上升趋势，仅在研究后期出现名义下跌。
Conventional wisdom holds that overbuilding and high vacancy, coupled with curtailed tax benefits, have led to reduced office property values since the late 1980s. Yet assertions that office real estate values fell between the mid‐1980s and mid‐1990s are not supported everywhere by convincing evidence. This study offers a hedonic analysis of Chicago area office properties that sold from 1986 through 1993. Whereas earlier office market studies generally have been based on rents, this study focuses on variation in actual sale prices (although the prices were not adjusted for financing differences). The transaction‐based index estimated here does not support the existence of a nominal office property price level decline beginning in the mid‐to‐late 1980s. In fact, the results show an upward trend in office property values after 1986, with nominal declines in office market price levels occurring only in the latter portion of the study period.