Office Rent in the Chicago CBD
研究了芝加哥CBD写字楼租金每平方英尺的差异，通过比较五种函数形式构建了最佳享乐回归模型，发现以写字楼单元为分析单位并引入具体租赁条款和楼内位置等新变量，模型解释力很高。
This study focuses on the Chicago CBD office market, an important market at the local, regional, national and international levels. The purpose of this study is to develop a hedonic regression model that explains the variation in office rent per square foot. Five functional forms (linear, reciprocal, logarithmic, semi‐log and log‐linear) of the model are considered. A generally log‐linear model is determined to be the best model based on a series of Box‐Cox/Box‐Tidwell type transformations and likelihood ratio tests. The regression results reveal that the model has very high explanatory power. The methodology of this study differs substantially from that of previous studies on this topic. Perhaps most importantly, the unit of analysis is the office unit rather than the building. This choice suggested the use of specific lease terms for actual transactions and location of the unit within the building as new variables. Finally, the modeling of location of the building within the CBD was found to be a critical step.