Challenge the future Delft University of Technology Know What You Are Looking For A Theoretical Framework for Hedonic Office Studies Philip Koppels, Hilde.

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Challenge the future Delft University of Technology Know What You Are Looking For A Theoretical Framework for Hedonic Office Studies Philip Koppels, Hilde Remøy and Hans de Jonge

2/11 Introduction Buyers market conditions; what do office users prefer? Hedonic office rent studies since the 1980’s Theoretical underpinning; interpretation of variables Statistical issues; multicollinearity, unequal variance, …. Structure of the presentation: Research introduction Modeling approach Hedonic analysis Interpretation of results Accommodation Preferences of Office Users

3/11

4/11

5/11 Modelling Approach Number of observations; Thin markets Longer time series or larger research area Multiple correlated transactions in one building; repeated measurements? Two level hierarchical model: Level one; transaction Level two; the building Other issues: Unbalanced panel data, unequal spaced observations Spatial autocorrelation A Linear Mixed Model

6/11 Autocorrelation Statistics AssumptionCoefficientObservedExpectedStd DevZPr > |Z| RandomizationMoran's I <.0001 RandomizationGeary's c <.0001

7/11 Basic Location Adjusted Model Solution for Fixed Effects EffectEstimate Standard ErrorDFt ValuePr > |t| Intercept CPI <.0001 VACANCY RATE (LAG2) AGE LOG DISTANCE TO IC LOG TRAVEL TIME HIGHWAY LOG EMPLOYMENT F&B LOG EMPLOYMENT INDUSTRY LOG FACILITIES <.0001 SITE QUALITY Model fit statistics: BIC first model: BIC second model:

8/11 Autocorrelation Statistics AssumptionCoefficientObservedExpectedStd DevZPr > |Z| RandomizationMoran's I <.0001 RandomizationGeary's c <.0001

9/11 Final Results Random building intercept; significant Random age coefficient; significant Covariance building intercept and age coefficient; negative Range spatial correlation: 550 meters Covariance Parameters

10/11 Final Results Fixed Effects EffectEstimateStd. ErrorPr > |t| Intercept CPI <.0001 VACANCY RATE (LAG2) AGE LOG DISTANCE TO IC LOG TRAVEL TIME HIGHWAY PARKING LOTS LOG EMPLOYMENT F&B LOG EMPLOYMENT INDUSTRY <.0001 LOG FACILITIES SITE QUALITY

11/11 Final Results Fixed Effects EffectEstimateStd. ErrorPr > |t| PARKING FACILITIES FAÇADE: BRICKS FAÇADE: NATURAL STONE FAÇADE: GLASS COMPANY LOGO LOG RECEPTION AREA % GFA ELEVATOR RATIO LAY-OUT FLEXIBILITY LOW DAY LIGHT <50% FAÇADE FLOOR HEIGHT LOW

12/11 Questions? Contact author: