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作者

来源

URBAN GEOGRAPHY,Vol.39,Issue10,P.1528-1554

语言

英文

关键字

Spatial microeconometrics; commercial office real estate market; Spatial Durbin Model; pricing policy; absolute and relative location; spatial externalities; LIGHT RAIL TRANSIT; AREAL UNIT PROBLEM; PROPERTY-VALUES; HOUSING PRICES; EXPANSION METHOD; REAL-E

作者单位

[Kopczewska, Katarzyna; Lewandowska, Anna] Univ Warsaw, Fac Econ Sci, Warsaw, Poland. Kopczewska, K (reprint author), Univ Warsaw, Fac Econ Sci, Warsaw, Poland. E-Mail: kkopczewska@wne.uw.edu.pl

摘要

The relative location of commercial properties as the distance to the metro station as well as its absolute location as the address in the Central Business District (CBD) is expected to influence its valuation. We apply the advanced spatial econometric methodology, based on micro geo-located data, to the office rental transaction data from London in 2015. We use different spatial information on the local and global neighbourhood in order to estimate the spatial hedonic valuation model and test the strength of spatial spillovers and location effects on office fees. For offices in London in 2015, geographical factors may raise the price by 50%, as every next 100 m to the metro cost an additional 0.7 pound per ft(2) per year and the CBD location raises the cost for ca. 20 pound per ft(2) per year.