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

Koichi Nagai*, Yasushi Kondo, Makoto Ohta

*この研究の対応する著者

研究成果: Article査読

10 被引用数 (Scopus)

抄録

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.

本文言語English
ページ(範囲)130-154
ページ数25
ジャーナルJapanese Economic Review
51
1
DOI
出版ステータスPublished - 2000 3月
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学

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