Office Rent Processes: The Case of U.S. Metropolitan Markets
结合传统与当代房地产理论，分析1986-1995年间美国18个都市办公市场的租金调整过程，发现租金调整缓慢、市场间存在租金失衡，并揭示办公就业因素、建筑成本、利率、便利设施和区划对均衡租金差异的影响。
This paper synthesizes elements of the traditional and contemporary theory of real estate markets to formulate an empirical framework for exploring metropolitan office rent processes. Such a framework is then applied to the analysis of office rents across 18 U.S. office markets during 1986–1995. The empirical results underscore the sluggishness of rental adjustments, highlight the extent of rental disequilibria across markets, and uncover the role of office employment factors (such as size, diversity, spatial organization, growth rates, and volatility), construction costs, interest rates, amenities, and zoning in shaping interarea differentials in the equilibrium component of office rents.