Clustering Methods for Real Estate Portfolios
对美国21个都市办公市场的有效租金和22个都市市场的空置率进行聚类分析，发现城市存在几个主要“家族”，如油气组和东北工业组，并验证了波士顿和洛杉矶等东西海岸城市间的关联，为聚类分析在房地产和经济信息中的应用提供指导。
A clustering algorithm is applied to effective rents for twenty‐one metropolitan U.S. office markets, and to twenty‐two metropolitan markets using vacancy data. It provides support for the conjecture that there exists a few major “families” of cities: including an oil and gas group and an industrial Northeast group. Unlike other clustering studies, we find strong evidence of bicoastal city associations among cities such as Boston and Los Angeles. We present a bootstrapping methodology for investigating the robustness of the clustering algorithm, and develop a means for testing the significance of city associations. While the analysis is limited to aggregate rent and vacancy data, the results provide a guideline for the further application of cluster analysis to other types of real estate and economic information.