The economic effects of owner distance and local property management in US office markets
利用美国写字楼大数据，研究发现投资者与资产距离越近，有效租金越高，尤其低质量楼宇；物业经理可缓解距离对租金的负面影响，对跨州业主和B级楼宇作用最显著。
Using a large dataset of US offices we analyse the relationship between investors’ distance to their assets and the effective rent of these assets, and study the extent to which property managers can influence this relationship. We construct hedonic rent models to control for other known rent determinants. It turns out that proximity matters: holding everything else constant, investors located closely to their office buildings are able to extract significantly higher effective rents from these assets, especially if these buildings are of low quality. This effect is due to significant differences in occupancy levels. Interestingly, property managers can affect this relationship, mitigating the adverse effects of investor distance on effective office rents. Especially if the owner does not reside in the same state as the building, external property management is of importance, most prominently so for class-B office buildings.