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作者

Stuart S. Rosenthal;William C. Strange;Joaquin A. Urrego

来源

来源 JOURNAL OF URBAN ECONOMICS,Vol.127,P.

语言

英文

关键字

R00 (General Urban;Rural;and Real Estate Economics);R33 (Nonagricultural and Nonresidential Real Estate Markets);COVID-19;Commercial real estate;Agglomeration;Urban spatial structure

作者单位

Maxwell Advisory Board Professor of Economics, Department of Economics and Center for Policy Research, Syracuse University, Syracuse, New York 13244-1020, United States;SmartCentres Professor of Real Estate and Urban Economics, Rotman School of Management, University of Toronto, Toronto, Ontario M5S 3E6, Canada;Department of Economics and Center for Policy Research, Syracuse University, Syracuse, New York 13244-1020, United States;Maxwell Advisory Board Professor of Economics, Department of Economics and Center for Policy Research, Syracuse University, Syracuse, New York 13244-1020, United States;SmartCentres Professor of Real Estate and Urban Economics, Rotman School of Management, University of Toronto, Toronto, Ontario M5S 3E6, Canada;Department of Economics and Center for Policy Research, Syracuse University, Syracuse, New York 13244-1020, United States

摘要

This paper estimates the value firms place on access to city centers and how this has changed with COVID-19. Pre-COVID, across 89 U.S. urban areas, commercial rent on newly executed long-term leases declines 2.3% per mile from the city center and increases 8.4% with a doubling of zipcode employment density. These relationships are stronger for large, dense “transit cities” that rely heavily on subway and light rail. Post-COVID, the commercial rent gradient falls by roughly 15% in transit cities, and the premium for proximity to transit stops also falls. We do not see a corresponding decline in the commercial rent gradient in more car-oriented cities, but for all cities the rent premium associated with employment density declines sharply following the COVID-19 shock.