An hedonic analysis of the rental office market in the Tokyo central business district: 1985-1994 fiscal years

Koichi Nagai, Yasushi Kondo, Makoto Ohta

Research output: Contribution to journalArticle

10 Citations (Scopus)

Abstract

We study the rental office market in the Tokyo central business district by estimating hedonic equations for the office rent for 1985-94 fiscal years. This period includes the 'Bubble' of asset prices, followed by its deflation. We find that the characteristics related to transportational conveniences are less effective in explaining office rents than the characteristics related to the agglomeration of offices and the amenity characteristics of the office buildings themselves. Using a skewed error-term specification, we show that the discount in rental transactions is not irrelevant. The hedonic office rent indices and possible policy implications are also presented. JEL Classification Numbers: L85, R32.

Original languageEnglish
Pages (from-to)130-154
Number of pages25
JournalJapanese Economic Review
Volume51
Issue number1
Publication statusPublished - 2000 Mar
Externally publishedYes

Fingerprint

Fiscal
Hedonic analysis
Office markets
Rent
Tokyo
Bubble
Deflation
Discount
Amenities
Asset prices
Agglomeration
Policy implications
Office buildings
JEL classification

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

An hedonic analysis of the rental office market in the Tokyo central business district : 1985-1994 fiscal years. / Nagai, Koichi; Kondo, Yasushi; Ohta, Makoto.

In: Japanese Economic Review, Vol. 51, No. 1, 03.2000, p. 130-154.

Research output: Contribution to journalArticle

@article{12888d3b5b7e498896a01d810c6ca9d6,
title = "An hedonic analysis of the rental office market in the Tokyo central business district: 1985-1994 fiscal years",
abstract = "We study the rental office market in the Tokyo central business district by estimating hedonic equations for the office rent for 1985-94 fiscal years. This period includes the 'Bubble' of asset prices, followed by its deflation. We find that the characteristics related to transportational conveniences are less effective in explaining office rents than the characteristics related to the agglomeration of offices and the amenity characteristics of the office buildings themselves. Using a skewed error-term specification, we show that the discount in rental transactions is not irrelevant. The hedonic office rent indices and possible policy implications are also presented. JEL Classification Numbers: L85, R32.",
author = "Koichi Nagai and Yasushi Kondo and Makoto Ohta",
year = "2000",
month = "3",
language = "English",
volume = "51",
pages = "130--154",
journal = "Japanese Economic Review",
issn = "1352-4739",
publisher = "Wiley-Blackwell",
number = "1",

}

TY - JOUR

T1 - An hedonic analysis of the rental office market in the Tokyo central business district

T2 - 1985-1994 fiscal years

AU - Nagai, Koichi

AU - Kondo, Yasushi

AU - Ohta, Makoto

PY - 2000/3

Y1 - 2000/3

N2 - We study the rental office market in the Tokyo central business district by estimating hedonic equations for the office rent for 1985-94 fiscal years. This period includes the 'Bubble' of asset prices, followed by its deflation. We find that the characteristics related to transportational conveniences are less effective in explaining office rents than the characteristics related to the agglomeration of offices and the amenity characteristics of the office buildings themselves. Using a skewed error-term specification, we show that the discount in rental transactions is not irrelevant. The hedonic office rent indices and possible policy implications are also presented. JEL Classification Numbers: L85, R32.

AB - We study the rental office market in the Tokyo central business district by estimating hedonic equations for the office rent for 1985-94 fiscal years. This period includes the 'Bubble' of asset prices, followed by its deflation. We find that the characteristics related to transportational conveniences are less effective in explaining office rents than the characteristics related to the agglomeration of offices and the amenity characteristics of the office buildings themselves. Using a skewed error-term specification, we show that the discount in rental transactions is not irrelevant. The hedonic office rent indices and possible policy implications are also presented. JEL Classification Numbers: L85, R32.

UR - http://www.scopus.com/inward/record.url?scp=0034121562&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=0034121562&partnerID=8YFLogxK

M3 - Article

AN - SCOPUS:0034121562

VL - 51

SP - 130

EP - 154

JO - Japanese Economic Review

JF - Japanese Economic Review

SN - 1352-4739

IS - 1

ER -