Do office-commercial firms value access to service employment centers? A hedonic value analysis within polycentric Los Angeles

Article Abstract:

A study was conducted using a consistent methodology to identify and examine the function of 'main' and 'secondary' centers of service employment within polycentric Los Angeles, CA. It also employs alternative empirical tests to determine the degree to which office-commercial firms value access to these centers. Findings revealed that office firm access to service employment centers is important. Particularly, the study found that differential access to main center generates significant land market consequences. Moreover, it was found that differential access to secondary centers of service employment likewise produces nontrivial land market effects. Results also indicated that secondary centers do not completely replace the main center and do not wholly replace each other. Lastly, other location amenities, including neighborhood quality, also have an influence.

Service Industries, Los Angeles, California, Services industry, Location, Central business districts

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Urban spatial variations in office-commercial rents: the role of spatial amenities and commercial zoning

Article Abstract:

Standard bid-rent frameworks are limited because they do not consider the important function of worker advantages and supply-side variables in influencing intraurban office-commercial rent variations. An alternative analysis framework is therefore developed to fill this gap. This model incorporates labor and land market interactions and acknowledges interjurisdictional differences in supply constraints. This establishes a method for identifying long-term reduced-form office-commercial rent functions in competitive and regulated land markets. Empirical analysis using data on Los Angeles office-commercial rents provides ample support to the alternative model specifications that take into consideration firm amenities as well as worker amenities and local institutional controls.

Contracts, Offices, Commercial buildings

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Wage and rent capitalization in the commercial real estate market

Article Abstract:

The commercial land market in a multi-centered metropolitan area is studied using three models that focus on the relationship between prices for land, rents for commercial spaces and wages in different subcenters. The models reveal that wages are primarily responsible for the capitalization of the exogenous advantage derived by firms located at specific subcenters. The models also show that zoning regulations provide rent differentials a greater impact on locational value.

Economic aspects, Real estate, Real property, Zoning law

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