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OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH

Year 2023, Issue: 58, 417 - 434, 08.09.2023
https://doi.org/10.30794/pausbed.1259880

Abstract

The objective of this research is to develop a hedonic model for office space rent prices in Istanbul, using a data set consisting of 2348 office spaces. The data includes information on office building and office space characteristics, as well as features related to the lease, location, and neighborhood that impact office rents. To examine the connection between office rent and these factors, a semiparametric geoadditive model was utilized, which allows for flexibility in functional form and captures location effects through geographical smoothing functions instead of location dummies. The results indicate that the link between office rent determinants and office space rents is nonlinear. The vacancy rate, a measure of office space demand, is the determinant with the greatest impact on office rents. The second most important determinant of office rents is that the office space is in an A-class office building, and the third most influential factor is that the office spaces have a view of the Bosporus.

References

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İSTANBUL’DA OFİS KİRA MODELLEMESİ: COĞRAFİ TOPLAMSAL BİR YAKLAŞIM

Year 2023, Issue: 58, 417 - 434, 08.09.2023
https://doi.org/10.30794/pausbed.1259880

Abstract

Bu araştırmanın amacı, 2348 ofis alanından oluşan bir veri seti kullanarak İstanbul'daki ofis alanı kira fiyatları için hedonik bir model geliştirmektir. Veriler, ofis binası ve ofis alanı özelliklerinin yanı sıra ofis kiralarını etkileyen kiralama, mekân ve komşuluk ile ilgili özellikleri içerir. Ofis kirası ile bu faktörler arasındaki ilişkiyi incelemek için, fonksiyonel formda esnekliğe izin veren ve mekânsal kuklalar yerine coğrafi düzgünleştirme fonksiyonları aracılığıyla mekân etkilerini yakalayan yarı parametrik bir coğrafi toplamsal model yaklaşımı kullanılmıştır. Sonuçlar, ofis kira belirleyicileri ile ofis alanı kiraları arasındaki ilişkilerin doğrusal olmadığını göstermektedir. Ofis alanı talebinin bir ölçüsü olan boşluk oranı, ofis kiraları üzerinde en büyük etkiye sahip belirleyicidir. Ofis kiralarının ikinci en önemli belirleyicisi, ofis alanının A sınıfı bir ofis binasında bulunması ve üçüncü en etkili faktör ise ofislerin boğaz manzarasına sahip olmasıdır.

References

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  • Basile, R., Kayam, S., Mínguez, R., Montero, J. M., & Mur, J. (2015). Semiparametric spatial autoregressive geoadditive models. In P. Commendatore, S. Kayam, &, I. Kubin (Eds.), Complexity and Geographical Economics (pp. 73-98). Springer, Cham.
  • Bender, A., Din, A., Hoesli, M., & Laakso, J. (1999). Environmental quality perceptions of urban commercial real estate. Journal of Property Investment & Finance, 17(3), 280-297. https://doi.org/10.1108/14635789910270521
  • Benjamin, J. D., Boyle, G. W., & Sirmans, C. F. (1990). Retail leasing: The determinants of shopping center rents. Real Estate Economics, 18(3), 302-312. https://doi.org/10.1111/1540-6229.00524
  • Benjamin, J. D., Shilling, J. D., & Sirmans, C. F. (1992). Security deposits, adverse selection and office leases. Real Estate Economics, 20(2), 259-272. https://doi.org/10.1111/1540-6229.00583
  • Bera, A. K. (2000). Hypothesis testing in the 20th century with a special reference to testing with misspecified models. Statistics Textbooks and Monographs.
  • Bera, A. K., & Kangalli Uyar, S. G. (2019). Local and global determinants of office rents in Istanbul: The mixed geographically weighted regression approach. Journal of European Real Estate Research, 12(2), 227-249. https://doi.org/10.1108/JERER-12-2018-0052
  • Bera, A. K., & Yoon, M. J. (1993). Specification testing with locally misspecified alternatives. Econometric Theory, 9(4), 649-658.
  • Bollinger, C. R., Ihlanfeldt, K. R., & Bowes, D. R. (1998). Spatial variation in office rents within the Atlanta region. Urban Studies, 35(7), 1097-1118.
  • Bond, S. A., Loizou, P., & McAllister, P. (2008). Lease maturity and initial rent: is there a term structure for UK commercial property leases?. The Journal of Real Estate Finance and Economics, 36(4), 451-469. https://doi.org/10.1007/s11146-007-9096-9
  • Bottom, C., McGreal, S., & Heaney, G. (1997). Evaluating office environments using tenant organization perceptions. Facilities, 15(7/8), 195-203. https://doi.org/10.1108/02632779710168236
  • Brennan, T. P., Cannaday, R. E., & Colwell, P. F. (1984). Office rent in the Chicago CBD. Real Estate Economics, 12(3), 243-260. https://doi.org/10.1111/1540-6229.00321
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  • Clapp, J. M. (1980). The intrametropolitan location of office activities. Journal of Regional Science, 20(3), 387-399. https://doi.org/10.1111/j.1467-9787.1980.tb00655.x
  • Colwell, P. F., Munneke, H. J., & Trefzger, J. W. (1998). Chicago’s office market: price indices, location and time. Real Estate Economics, 26(1), 83-106. https://doi.org/10.1111/1540-6229.00739
  • Desyllas, J. (2000). The Relationship between Urban Street, Configuration and Office Rent Patterns in Berlin. PhD thesis, Bartlett School of Graduate Studies, University College London.
  • Dixon, T., Marston, A., Thompson, B., & Elder, B. (2003). eBusiness and the City of London office market. Journal of Property Investment & Finance, 21(4), 348-365. https://doi.org/10.1108/14635780310483638
  • Dunse, N., & Jones, C. (1998). A hedonic price model of office rents. Journal of Property Valuation and Investment, 16(3), 297-312. https://doi.org/10.1108/14635789810221760
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  • Ekeland, I., Heckman, J. J., & Nesheim, L. (2004). Identification and estimation of hedonic models. Journal of Political Economy, 112(S1), S60-S109. https://doi.org/10.1086/379947
  • Englund, P., Gunnelin, Å., Hoesli, M., & Söderberg, B. (2004). Implicit forward rents as predictors of future rents. Real Estate Economics, 32(2), 183-215. https://doi.org/10.1111/j.1080-8620.2004.00089.x
  • Farooq, B., Miller, E., & Haider, M. (2010). Hedonic analysis of office space rent. Transportation Research Record: Journal of the Transportation Research Board, (2174), 118-127. https://doi.org/10.3141/2174-16
  • Fox, J., & Weisberg, S. (2018). An R companion to applied regression. Sage Publications.
  • Frew, J., & Jud, D. (1988). The vacancy rate and rent levels in the commercial office market. Journal of Real Estate Research, 3(1), 1-8.
  • Fuerst, F. (2008). Office Rent Determinants: A Hedonic Panel Analysis (No. rep-wp2008-12). Henley Business School, Reading University.
  • Gat, D. (1998). Urban focal points and design quality influence rents: the case of the Tel Aviv office market. Journal of Real Estate Research, 16(2), 229-247.
  • Geniaux, G., & Napoléone, C. (2008). Semi-parametric tools for spatial hedonic models: an introduction to mixed geographically weighted regression and geoadditive models. In Hedonic Methods in Housing Markets (pp. 101-127). Springer, New York, NY.
  • Glaeser, E., Gyourko, J. (2005) Urban decline and durable housing. Journal of Political Economy, 113: 345–375.
  • Glascock, J. L., Jahanian, S., & Sirmans, C. F. (1990). An analysis of office market rents: some empirical evidence. Real Estate Economics, 18(1), 105-119. https://doi.org/10.1111/1540-6229.00512
  • Halvorsen, R., & Palmquist, R. (1980). The interpretation of dummy variables in semilogarithmic equations. American Economic Review, 70(3), 474-475.
  • Heckman, J. J., Matzkin, R. L., & Nesheim, L. (2010). Nonparametric identification and estimation of nonadditive hedonic models. Econometrica, 78(5), 1569-1591. https://doi.org/10.3982/ECTA6388
  • Hendershott, P. H. (1996). Valuing properties when comparable sales do not exist and the market is in disequilibrium. Journal of Property Research, 13(1), 57-66. https://doi.org/10.1080/095999196368880
  • Hendershott, P. H., MacGregor, B. D., & Tse, R. Y. (2002). Estimation of the rental adjustment process. Real Estate Economics, 30(2), 165-183. https://doi.org/10.1111/1540-6229.00036
  • Huynh, D. T. (2014). The effects of clustering on office rents: empirical evidence from the rental office market in Ho Chi Minh City. Theoretical and Empirical Researches in Urban Management, 9(1), 5-26.
  • Ihlanfeldt, K. R., & Raper, M. D. (1990). The intrametropolitan location of new office firms. Land Economics, 66(2), 182-198.
  • Jennen, M. G., & Brounen, D. (2009). The effect of clustering on office rents: evidence from the Amsterdam market. Real Estate Economics, 37(2), 185-208. https://doi.org/10.1111/j.1540-6229.2009.00239.x
  • Kammann, E. E., & Wand, M. P. (2003). Geoadditive models. Journal of the Royal Statistical Society: Series C (Applied Statistics), 52(1), 1-18. https://doi.org/10.1111/1467-9876.00385
  • Kanas, A., Vasiliou, D., & Eriotis, N. (2012). Revisiting bank profitability: A semi-parametric approach. Journal of International Financial Markets, Institutions and Money, 22(4), 990-1005. https://doi.org/10.1016/j.intfin.2011.10.003
  • Keele, L. J. (2008). Semiparametric regression for the social sciences. John Wiley & Sons.
  • Kempf, S. (2015). Development of hedonic office rent indices: examples for German metropolitan areas. Springer.
  • Koster, H. R., van Ommeren, J., & Rietveld, P. (2014a). Is the sky the limit? High-rise buildings and office rents. Journal of Economic Geography, 14(1), 125-153. https://doi.org/10.1093/jeg/lbt008
  • Koster, H. R., Van Ommeren, J., & Rietveld, P. (2014b). Agglomeration economies and productivity: a structural estimation approach using commercial rents. Economica, 81(321), 63-85. https://doi.org/10.1111/ecca.12038
  • Laverne, R. J., & Winson-Geideman, K. (2003). The influence of trees and landscaping on rental rates at office buildings. Journal of Arboriculture, 29(5), 281-290.
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There are 74 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Article
Authors

Sinem Güler Kangallı Uyar 0000-0003-3694-150X

Early Pub Date August 28, 2023
Publication Date September 8, 2023
Acceptance Date June 6, 2023
Published in Issue Year 2023 Issue: 58

Cite

APA Kangallı Uyar, S. G. (2023). OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(58), 417-434. https://doi.org/10.30794/pausbed.1259880
AMA Kangallı Uyar SG. OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH. PAUSBED. September 2023;(58):417-434. doi:10.30794/pausbed.1259880
Chicago Kangallı Uyar, Sinem Güler. “OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, no. 58 (September 2023): 417-34. https://doi.org/10.30794/pausbed.1259880.
EndNote Kangallı Uyar SG (September 1, 2023) OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 58 417–434.
IEEE S. G. Kangallı Uyar, “OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH”, PAUSBED, no. 58, pp. 417–434, September 2023, doi: 10.30794/pausbed.1259880.
ISNAD Kangallı Uyar, Sinem Güler. “OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 58 (September 2023), 417-434. https://doi.org/10.30794/pausbed.1259880.
JAMA Kangallı Uyar SG. OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH. PAUSBED. 2023;:417–434.
MLA Kangallı Uyar, Sinem Güler. “OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH”. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, no. 58, 2023, pp. 417-34, doi:10.30794/pausbed.1259880.
Vancouver Kangallı Uyar SG. OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH. PAUSBED. 2023(58):417-34.