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dc.contributor.authorEichholtz, P.
dc.contributor.authorHoltermans, R.
dc.contributor.authorYönder, Erkan
dc.date.accessioned2015-10-28T08:58:11Z
dc.date.available2015-10-28T08:58:11Z
dc.date.issued2016-07-04
dc.identifier.issn1468-2710
dc.identifier.urihttp://hdl.handle.net/10679/993
dc.identifier.urihttp://joeg.oxfordjournals.org/content/16/4/781
dc.description.abstractThis paper is one of the first empirical studies to investigate the role of owner proximity or distance on the performance of commercial real estate and it is the first to analyze the economic benefits of property management in that regard. Using a large dataset of U.S. offices we analyze the relationship between investor distance to their assets and the effective rent of these assets, and study the extent to which property managers can influence this relation. We construct propensity score weighted hedonic rent models to control for other known rent determinants. It turns out that proximity matters: holding everything else constant, investors located closely to their office properties are able to extract significantly higher rents from these assets, especially if these buildings are of low quality. Interestingly, property managers can affect this relation, mitigating the adverse effects of investor distance on effective office rents. Especially if the property owner does not reside in the same state as the building, external property management is of importance, most prominently so for class-B office buildings.en_US
dc.language.isoengen_US
dc.publisherOxford Publishingen_US
dc.relation.ispartofJournal of Economic Geography
dc.rightsrestrictedAccess
dc.titleThe economic effects of owner distance and local property management in US office marketsen_US
dc.typeArticleen_US
dc.peerreviewedyesen_US
dc.publicationstatuspublisheden_US
dc.contributor.departmentÖzyeğin University
dc.contributor.authorID(ORCID 0000-0003-4758-7841 & YÖK ID 129925) Yönder, Erkan
dc.contributor.ozuauthorYönder, Erkan
dc.identifier.volume16
dc.identifier.issue4
dc.identifier.wosWOS:000381163100001
dc.identifier.doi10.1093/jeg/lbv018
dc.subject.keywordsCommercial real estateen_US
dc.subject.keywordsInvestor proximityen_US
dc.subject.keywordsReal estate investmenten_US
dc.subject.keywordsRental valueen_US
dc.subject.keywordsProperty managementen_US
dc.contributor.authorMale1


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