Price adjustment process for rental office space

Article Abstract:

The office rental space price adjustment process is analyzed for 17 US cities for the period 1960 to 1975. Results confirm much of what has been suggested by economic theory: landlords respond to demand fluctuations by increasing or decreasing inventories of unlet or vacant office space. Other things being equal, higher levels of vacant space signify that landlords will reduce rents as well as the difference between actual and desired vacancies. Empirical evidence is also offered on the normal vacancy rate among the different cities. The 17 cities studied include: Atlanta, Baltimore, Chicago, Cleveland, Denver, Des Moines, Detroit, Indianapolis, Kansas City, Minneapolis, New York City, Philadelphia, Pittsburgh, Portland, San Francisco, Seattle, and Spokane.

Analysis, Contracts, Landlord and tenant, Landlord-tenant relations, Office buildings, Lease and rental services industry, Rents (Property)

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Hedonic prices and contractual contingencies

Article Abstract:

A good's characteristics are balanced against its price in the course of a market transaction. Consumers maximize their utilities while sellers maximize profits when making purchases. Hedonic functions denoting prices of goods should not be limited to consumption factors but must also include the non-consumption factor of purchase agreement characteristics as a price determinant. Giving contractual contingencies consideration in the market pricing of goods means placing value on uncertainties in contract terms. These contingencies serve as a premium for events which may affect transactions and thus adds to the market price of the concerned good.

Models, Economic aspects, Pricing, Residential mobility, Financial contingencies, Homesites

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Flood insurance, wealth redistribution, and urban property values

Article Abstract:

The economic effects of of the wealth transfer associated with the National Flood Insurance Program (NFIP) are examined. The impact of subsidized and non-subsidized flood insurance on property values is examined using standard hedonic pricing models. The results indicate that: the wealth redistribution simply adds to the cost of transferring housing units; and flood-plain location creates a large discount for eligible properties.

Research, Finance, Real estate, Urban economics, Real property, United States. National Flood Insurance Program

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