How “Local” are Local Office Markets?
研究1980年代美国写字楼市场的地理范围，发现地方写字楼空置率受自身历史趋势影响大于全国趋势，但区域效应比全国效应更强。
This paper describes empirical investigations of the geographical extent of office markets in the United States during the 1980s. A mixed temporal autoregressive model was estimated for pooled downtown office markets and pooled suburban markets. Results indicate that while the temporal autoregressive effect is stronger for office market vacancies than is the effect of the national trend, their linkages to national trends are significant. However, a mixed spatial autoregression analysis of the data pooled over time indicates that the regional office vacancy effect is stronger than the national office vacancy effect in both downtown and suburban office markets.