Did Office Market Size Matter in the 1980s? A Time‐Series Cross‐Sectional Analysis of Metropolitan Area Office Markets
利用1981-1990年美国21个大都市区的写字楼租金数据，检验不同规模城市写字楼市场的结构性差异，发现市场结果因城市规模而异，曼哈顿市场表现尤为特殊。
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.