打印

作者

来源

JOURNAL OF URBAN ECONOMICS,Vol.106,P.101-122

语言

英文

关键字

Commercial real estate; Access; Amenities; Spatial structure; Rent gradient; Vertical; Agglomeration economies; OFFICE RENTS; METROPOLITAN-AREA; SHOPPING MALLS; EXTERNALITIES; SKYSCRAPERS; ALLOCATION; BUILDINGS; CONTRACTS; MANHATTAN; RETURNS

作者单位

[Liu, Crocker H.] Cornell Univ, Sch Hotel Adm, Ithaca, NY USA. [Rosenthal, Stuart S.] Syracuse Univ, Dept Econ, Syracuse, NY 13244 USA. [Rosenthal, Stuart S.] Syracuse Univ, Ctr Policy Res, Syracuse, NY 13244 USA. [Strange, William C.] Univ Toronto, Rotman Sch Management, Toronto, ON M5S 3E6, Canada. Rosenthal, SS (reprint author), Syracuse Univ, Dept Econ, Syracuse, NY 13244 USA.; Rosenthal, SS (reprint author), Syracuse Univ, Ctr Policy Res, Syracuse, NY 13244 USA. E-Mail: chl62@cornell.edu; ssrosent@maxwell.syr.edu; wstrange@rotman.utoronto.ca

摘要

Tall commercial buildings dominate city skylines. Nevertheless, despite decades of research on commercial real estate and horizontal patterns of urban development, vertical patterns have been largely ignored. We document that high productivity companies locate higher up, with less productive offices lower down and retail at ground level. These patterns reflect tradeoffs between street access and vertical amenities. Vertical rent gradients are non-monotonic, independent of nearby employment, and large. Doubling zipcode employment is associated with a 10.7% increase in rent, consistent with the presence of agglomeration economies. Moving up one floor has the same effect on rent as adding roughly 3,500 workers to a zipcode. (C) 2018 Elsevier Inc. All rights reserved.