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1993•Journal of Real Estate ResearchRequires access

An Analysis of Office Market Rents: Parameter Constancy and Unobservable Variables

John L. Glascock, Minbo Kim, C. F. Sirmans

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Abstract

This paper reexamines variations in office building rents using data for a six-year period in a medium-sized city. Previous literature has relied on estimates using OLS estimation of standard fixed-effects models. We test for structural shifts and parameter constancy using random effects and heteroscedastic-autoregressive models and we find that structural shifts occur. Overall, the rent adjustment process does not remain unchanged across different time periods or submarkets.

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What this paper is about

This paper reexamines variations in office building rents using data for a six-year period in a medium-sized city. Previous literature has relied on estimates using OLS estimation of standard fixed-effects models. We test for structural shifts and parameter constancy using random effects and heteroscedastic-autoregressive models and we find that structural shifts occur. Overall, the rent adjustment process does not remain unchanged across different time periods or submarkets.

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OpenAlex reports 16 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

This paper reexamines variations in office building rents using data for a six-year period in a medium-sized city. Previous literature has relied on estimates using OLS estimation of standard fixed-effects models. We test for structural shifts and parameter constancy using random effects and heteroscedastic-autoregressive models and we find that structural shifts occur. Overall, the rent adjustment process does not remain unchanged across different time periods or submarkets.

Key concepts: Unobservable, Econometrics, Economic rent, Heteroscedasticity, Economics, Autoregressive model, Estimation, Ordinary least squares

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