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| An Analysis of Office Market Rents:
Parameter Constancy and Unobservable Variables Author: John L. Glascock, Minbo Kim, and C.F. Sirmans Start Page: 625 Abstract: This paper reexamines
variations in office building rents using data for a six-year period in a medium-sized
city. Previous literature has relied on estimates using OLS estimation of standard
fixed-effects models. We test for structural shifts and parameter constancy using random
effects on heteroscedastic-autoregressive models and we find that structural shifts occur.
Overall, the rent adjustment process does not remain unchanged across different time
periods or submarkets. |
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