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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.

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Presentation on theme: "Challenge the future Delft University of Technology Know What You Are Looking For A Theoretical Framework for Hedonic Office Studies Philip Koppels, Hilde."— Presentation transcript:

1 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 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 3/11

4 4/11

5 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 6/11 Autocorrelation Statistics AssumptionCoefficientObservedExpectedStd DevZPr > |Z| RandomizationMoran's I-0.129-0.001440.0189-6.74<.0001 RandomizationGeary's c1.3601.000000.08624.17<.0001

7 7/11 Basic Location Adjusted Model Solution for Fixed Effects EffectEstimate Standard ErrorDFt ValuePr > |t| Intercept-2.35451.122820-2.100.0489 CPI 961.57360.224215.57.02<.0001 VACANCY RATE (LAG2)-0.021330.0040559.45-5.260.0004 AGE-0.008820.003132175-2.820.0054 LOG DISTANCE TO IC-0.056050.02993148-1.870.0631 LOG TRAVEL TIME HIGHWAY-0.024800.04784150-0.520.6049 LOG EMPLOYMENT F&B0.059610.028291592.110.0367 LOG EMPLOYMENT INDUSTRY-0.000070.000023151-3.280.0013 LOG FACILITIES0.074270.017221514.31<.0001 SITE QUALITY0.13470.038061413.540.0005 Model fit statistics: BIC first model: -659.4 BIC second model: -784.7

8 8/11 Autocorrelation Statistics AssumptionCoefficientObservedExpectedStd DevZPr > |Z| RandomizationMoran's I-0.127-0.001470.0190-6.60<.0001 RandomizationGeary's c1.4701.000000.08525.52<.0001

9 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 10/11 Final Results Fixed Effects EffectEstimateStd. ErrorPr > |t| Intercept-1.90511.10140.1005 CPI 961.50840.223<.0001 VACANCY RATE (LAG2)-0.021850.0040670.0004 AGE-0.007610.0030370.0132 LOG DISTANCE TO IC-0.032320.028220.2541 LOG TRAVEL TIME HIGHWAY-0.023190.043980.599 PARKING LOTS0.033910.022650.1368 LOG EMPLOYMENT F&B0.041540.024950.0982 LOG EMPLOYMENT INDUSTRY-0.000090.000021<.0001 LOG FACILITIES0.062910.016040.0001 SITE QUALITY0.078510.034860.0262

11 11/11 Final Results Fixed Effects EffectEstimateStd. ErrorPr > |t| PARKING FACILITIES0.11280.036030.0022 FAÇADE: BRICKS0.05410.037850.1552 FAÇADE: NATURAL STONE0.14450.048770.0037 FAÇADE: GLASS0.11430.049740.0232 COMPANY LOGO0.064520.029790.0322 LOG RECEPTION AREA % GFA0.032930.017610.0638 ELEVATOR RATIO201.0385.04160.0195 LAY-OUT FLEXIBILITY LOW0.019440.032860.5552 DAY LIGHT <50% FAÇADE-0.077960.035710.0309 FLOOR HEIGHT LOW-0.077580.091980.4003

12 12/11 Questions? Contact author: p.w.koppels@tudelft.nl

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