Can Space Syntax Help Us in Understanding the Intraurban Office Rent Pattern? Accessibility and Rents in Downtown Stockholm

The effect of accessibility upon rent is investigated for office properties located in Downtown Stockholm. Starting from the firm's cost minimization problem, a translog hedonic model is derived. The results suggest the model has good predictive power in explaining the variation in the log of t...

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Bibliographic Details
Published in:The journal of real estate finance and economics 2011-11, Vol.43 (4), p.548-548
Main Authors: Enström, Rickard, Netzell, Olof
Format: Article
Language:English
Subjects:
Economics
Economics and Finance
Erratum
Financial Services
hedonic model
office space
Real estate financing
Regional/Spatial Science
rent
space syntax
Stockholm
translog
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Description
Summary:The effect of accessibility upon rent is investigated for office properties located in Downtown Stockholm. Starting from the firm's cost minimization problem, a translog hedonic model is derived. The results suggest the model has good predictive power in explaining the variation in the log of the rent. A negative rent gradient is obtained with a base approximately 90 m from the postulated focal point. It appears as if Space Syntax adds important information to the understanding of the intraurban office rent pattern.
ISSN:0895-5638
1573-045X
1573-045X
DOI:10.1007/s11146-008-9136-0