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The price for subway access: spatial econometric modelling of office rental rates in London

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dc.abstract.enThe relative location of commercial properties as the distance to the metro station as well as its absolute location as the address in the Central Business District (CBD) is expected to influence its valuation. We apply the advanced spatial econometric methodology, based on micro geo-located data, to the office rental transaction data from London in 2015. We use different spatial information on the local and global neighbourhood in order to estimate the spatial hedonic valuation model and test the strength of spatial spillovers and location effects on office fees. For offices in London in 2015, geographical factors may raise the price by 50%, as every next 100 m to the metro cost an additional 0.7 ₤ per ft2 per year and the CBD location raises the cost for ca. 20 ₤ per ft2 per year.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorLewandowska, Anna
dc.contributor.authorKopczewska, Katarzyna
dc.date.accessioned2024-01-26T10:31:17Z
dc.date.available2024-01-26T10:31:17Z
dc.date.issued2018
dc.description.financeNie dotyczy
dc.identifier.doi10.1080/02723638.2018.1481601
dc.identifier.issn0272-3638
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/122892
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofUrban Geography
dc.rightsClosedAccess
dc.sciencecloudnosend
dc.subject.enspatial microeconometrics commercial office real estate market Spatial Durbin Model pricing policy absolute and relative location spatial externalities
dc.titleThe price for subway access: spatial econometric modelling of office rental rates in London
dc.typeJournalArticle
dspace.entity.typePublication