The Value of Design in Real Estate Asset Pricing
Abstract
:1. Introduction
2. Valuing Design: A Review
3. Identifying Design Features
3.1. Diagonal Intersection
3.2. Curvature
3.3. Setbacks
3.4. Podium Extrusion
4. A Geometric, Geospatial and Relational Dataset
5. Methodology
6. Results
6.1. Transaction Value Results
6.2. Rental Value Results
7. Discussion and Conclusions
Author Contributions
Funding
Conflicts of Interest
Appendix A
Variable | Control Sample | Diagonal | Curvature | Setbacks | Podium | Full Sample |
---|---|---|---|---|---|---|
Mean (Std. Dev. *) | Mean (Std. Dev. *) | Mean (Std. Dev. *) | Mean (Std. Dev. *) | Mean (Std. Dev. *) | Mean (Std. Dev. *) | |
Awarded Design | ||||||
Awarded Architects | 0.036 (0.186) | 0.000 (0.000) | 0.169 (0.376) | 0.002 (0.040) | 0.012 (0.107) | 0.021 (0.144) |
Awarded Firms | 0.013 (0.115) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.000) | 0.047 (0.212) | 0.011 (0.104) |
Awarded Architects and Firms | 0.043 (0.203) | 0.000 (0.000) | 0.000 (0.000) | 0.002 (0.046) | 0.070 (0.254) | 0.029 (0.167) |
Building Information | ||||||
Effective Rent/Square Meter | 541.65 (229.19) | 496.26 (174.73) | 591.24 (159.77) | 498.51 (194.01) | 696.30 (260.41) | 543.75 (225.26) |
Age | 64.946 (32.434) | 65.863 (37.040) | 23.783 (4.472) | 69.718 (22.371) | 40.764 (20.405) | 62.989 (29.886) |
Number Floors | 28.303 (14.213) | 26.177 (13.516) | 38.392 (4.921) | 31.616 (15.236) | 38.390 (10.521) | 31.434 (15.725) |
Building Class A | 0.555 (0.497) | 0.453 (0.498) | 1.000 (0.000) | 0.551 (0.497) | 0.985 (0.123) | 0.616 (0.486) |
Building Class B | 0.404 (0.491) | 0.529 (0.500) | 0.000 (0.000) | 0.428 (0.495) | 0.015 (0.123) | 0.358 (0.479) |
Building Class C | 0.040 (0.196) | 0.018 (0.133) | 0.000 (0.000) | 0.021 (0.143) | 0.000 (0.000) | 0.025 (0.157) |
Square Meters | 48,986 (46,940) | 57,886 (43,819) | 41,038 (29,813) | 53,402 (42,548) | 109,549 (58,652) | 60,566 (53,123) |
Renovated | 0.635 (0.481) | 0.576 (0.495) | 0.168 (0.376) | 0.779 (0.415) | 0.590 (0.492) | 0.661 (0.473) |
Walk Score | 99.396 (0.719) | 99.190 (0.681) | 98.440 (1.425) | 99.185 (1.296) | 99.094 (0.733) | 99.287 (0.942) |
Transaction Type | ||||||
Lease Early Renewal | 0.000 (0.013) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.016) | 0.001 (0.028) | 0.000 (0.018) |
Lease Expansion | 0.076 (0.265) | 0.087 (0.282) | 0.054 (0.227) | 0.073 (0.259) | 0.124 (0.330) | 0.080 (0.272) |
Lease Extension | 0.010 (0.010) | 0.008 (0.086) | 0.006 (0.078) | 0.010 (0.101) | 0.005 (0.068) | 0.009 (0.094) |
Lease Extension/Expansion | 0.001 (0.023) | 0.000 (0.000) | 0.006 (0.078) | 0.000 (0.016) | 0.002 (0.040) | 0.001 (0.025) |
Lease Renewal | 0.177 (0.382) | 0.141 (0.348) | 0.163 (0.370) | 0.180 (0.385) | 0.149 (0.356) | 0.173 (0.378) |
Lease Renewal/Contraction | 0.001 (0.029) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.016) | 0.000 (0.000) | 0.001 (0.023) |
Lease Renewal/Expansion | 0.011 (0.103) | 0.013 (0.115) | 0.024 (0.154) | 0.011 (0.104) | 0.019 (0.135) | 0.012 (0.110) |
New Lease | 0.725 (0.447) | 0.751 (0.433) | 0.747 (0.436) | 0.725 (0.447) | 0.701 (0.458) | 0.724 (0.447) |
Transaction Size | 18,385 (43,333) | 22,511 (47,515) | 14,499 (25,292) | 15,956 (38,935) | 38,877 (86,941) | 20,496 (50,549) |
Lease Duration (years) | ||||||
Lease term less than 5 years | 0.229 (0.420) | 0.252 (0.434) | 0.193 (0.396) | 0.214 (0.410) | 0.196 (0.397) | 0.221 (0.415) |
Lease term 6–10 years | 0.377 (0.485) | 0.375 (0.484) | 0.404 (0.492) | 0.386 (0.487) | 0.308 (0.462) | 0.374 (0.484) |
Lease term 11–15 years | 0.327 (0.469) | 0.285 (0.452) | 0.355 (0.480) | 0.338 (0.473) | 0.351 (0.477) | 0.329 (0.470) |
Lease term 16–20 years | 0.056 (0.230) | 0.076 (0.266) | 0.048 (0.215) | 0.057 (0.232) | 0.123 (0.328) | 0.066 (0.249) |
Lease term 21–25 years | 0.010 (0.100) | 0.012 (0.109) | 0.000 (0.000) | 0.005 (0.069) | 0.022 (0.148) | 0.011 (0.103) |
Free Rent Periods (months) | ||||||
No Free Rent | 0.033 (0.178) | 0.064 (0.246) | 0.012 (0.109) | 0.030 (0.170) | 0.017 (0.129) | 0.031 (0.174) |
Less than 6 months free | 0.710 (0.454) | 0.672 (0.470) | 0.681 (0.468) | 0.712 (0.453) | 0.608 (0.488) | 0.695 (0.460) |
6–12 months free | 0.205 (0.404) | 0.213 (0.410) | 0.271 (0.449) | 0.214 (0.410) | 0.282 (0.450) | 0.218 (0.413) |
13–18 months free | 0.048 (0.214) | 0.051 (0.220) | 0.036 (0.187) | 0.042 (0.200) | 0.083 (0.277) | 0.051 (0.220) |
19–24 months free | 0.004 (0.063) | 0.000 (0.000) | 0.000 (0.000) | 0.003 (0.058) | 0.009 (0.096) | 0.005 (0.068) |
Landlord Concession (Work Type) | ||||||
As-Is | 0.019 (0.136) | 0.016 (0.127) | 0.024 (0.154) | 0.015 (0.121) | 0.007 (0.083) | 0.016 (0.127) |
Built to Suit | 0.000 (0.013) | 0.000 (0.000) | 0.000 (0.000) | 0.001 (0.023) | 0.000 (0.000) | 0.000 (0.015) |
New Building Installation | 0.024 (0.154) | 0.025 (0.158) | 0.006 (0.078) | 0.038 (0.191) | 0.019 (0.138) | 0.027 (0.163) |
Other | 0.000 (0.018) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.000) | 0.001 (0.028) | 0.000 (0.015) |
Paint and Carpet | 0.001 (0.029) | 0.003 (0.055) | 0.006 (0.078) | 0.002 (0.046) | 0.001 (0.028) | 0.001 (0.036) |
Pre-Built | 0.012 (0.110) | 0.013 (0.115) | 0.018 (0.134) | 0.018 (0.133) | 0.015 (0.123) | 0.015 (0.120) |
Tenant Improvement | 0.826 (0.379) | 0.820 (0.384) | 0.843 (0.365) | 0.801 (0.400) | 0.909 (0.288) | 0.829 (0.377) |
Turnkey | 0.002 (0.041) | 0.000 (0.000) | 0.000 (0.000) | 0.003 (0.059) | 0.000 (0.000) | 0.002 (0.046) |
Unspecified | 0.115 (0.319) | 0.121 (0.327) | 0.102 (0.304) | 0.122 (0.328) | 0.048 (0.214) | 0.109 (0.312) |
Other Leasing Information | ||||||
Sublease (1 = yes) | 0.084 (0.278) | 0.097 (0.297) | 0.108 (0.312) | 0.066 (0.249) | 0.161 (0.367) | 0.089 (0.285) |
Landlord Broker (1 = yes) | 0.286 (0.452) | 0.256 (0.437) | 0.307 (0.463) | 0.295 (0.456) | 0.344 (0.475) | 0.294 (0.456) |
Tenant Broker (1 = yes) | 0.429 (0.495) | 0.354 (0.479) | 0.446 (0.499) | 0.424 (0.494) | 0.552 (0.498) | 0.435 (0.496) |
Number of observations | 5848 | 667 | 166 | 3761 | 1294 | 12,772 |
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Variable | Control Sample | Diagonal | Curvature | Setbacks | Podium | Full Sample |
---|---|---|---|---|---|---|
Mean (Std. Dev. *) | Mean (Std. Dev. *) | Mean (Std. Dev. *) | Mean (Std. Dev. *) | Mean (Std. Dev. *) | Mean (Std. Dev. *) | |
Awarded Design | ||||||
Awarded Architects | 0.008 (0.091) | 0.000 (0.000) | 0.429 (0.514) | 0.008 (0.090) | 0.059 (0.237) | 0.013 (0.113) |
Awarded Firms | 0.006 (0.080) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.000) | 0.030 (0.170) | 0.006 (0.077) |
Awarded Architects and Firms | 0.016 (0.124) | 0.000 (0.000) | 0.000 (0.000) | 0.003 (0.057) | 0.081 (0.275) | 0.016 (0.125) |
Building Information | ||||||
Price (in million USD) | 91.490 (182.330) | 176.274 (241.860) | 348.359 (415.899) | 156.136 (208.046) | 537.065 (508.438) | 137.556 (245.204) |
Age | 82.667 (30.262) | 75.883 (34.203) | 23.429 (16.266) | 69.900 (22.139) | 41.830 (29.483) | 77.036 (30.571) |
Number Floors | 13.336 (11.347) | 18.266 (15.240) | 30.571 (12.445) | 22.704 (10.960) | 33.356 (13.823) | 17.075 (13.218) |
Building Class A | 0.238 (0.426) | 0.305 (0.462) | 0.857 (0.363) | 0.377 (0.485) | 0.859 (0.349) | 0.312 (0.463) |
Building Class B | 0.522 (0.500) | 0.578 (0.496) | 0.143 (0.363) | 0.490 (0.500) | 0.126 (0.333) | 0.494 (0.500) |
Building Class C | 0.240 (0.427) | 0.117 (0.323) | 0.000 (0.000) | 0.133 (0.340) | 0.015 (0.121) | 0.194 (0.395) |
Square Meters | 16,975 (29,841) | 29,942 (32,354) | 45,489 (38,653) | 33,589 (39,491) | 84,830 (66,688) | 25,465 (38,668) |
Renovated | 0.182 (0.386) | 0.227 (0.420) | 0.000 (0.000) | 0.208 (0.407) | 0.222 (0.417) | 0.193 (0.395) |
Walk Score | 99.233 (1.262) | 99.406 (0.900) | 98.786 (1.968) | 99.206 (1.180) | 99.067 (1.328) | 99.229 (1.230) |
Buyer Type | ||||||
Corporation | 0.052 (0.221) | 0.023 (0.152) | 0.000 (0.000) | 0.045 (0.208) | 0.015 (0.121) | 0.046 (0.210) |
Fund | 0.023 (0.148) | 0.023 (0.152) | 0.000 (0.000) | 0.024 (0.154) | 0.030 (0.170) | 0.023 (0.149) |
Government | 0.026 (0.160) | 0.023 (0.152) | 0.000 (0.000) | 0.032 (0.177) | 0.015 (0.121) | 0.026 (0.160) |
Institutional Investor | 0.020 (0.139) | 0.047 (0.212) | 0.000 (0.000) | 0.023 (0.149) | 0.037 (0.190) | 0.022 (0.147) |
Offshore | 0.029 (0.168) | 0.055 (0.228) | 0.143 (0.363) | 0.050 (0.218) | 0.089 (0.286) | 0.037 (0.189) |
Private | 0.441 (0.497) | 0.375 (0.486) | 0.286 (0.469) | 0.362 (0.481) | 0.304 (0.462) | 0.410 (0.492) |
Real Estate Investment Trust | 0.016 (0.126) | 0.031 (0.175) | 0.071 (0.267) | 0.026 (0.159) | 0.081 (0.275) | 0.023 (0.151) |
Real Estate Operating Company | 0.003 (0.058) | 0.000 (0.000) | 0.071 (0.267) | 0.005 (0.070) | 0.037 (0.190) | 0.006 (0.075) |
Retailer | 0.002 (0.044) | 0.008 (0.088) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.000) | 0.002 (0.041) |
Unknown | 0.388 (0.487) | 0.414 (0.494) | 0.429 (0.513) | 0.432 (0.496) | 0.393 (0.490) | 0.405 (0.491) |
Seller Type | ||||||
Corporation | 0.048 (0.215) | 0.047 (0.210) | 0.000 (0.000) | 0.0178 (0.132) | 0.037 (0.190) | 0.041 (0.198) |
Fund | 0.012 (0.108) | 0.023 (0.152) | 0.000 (0.000) | 0.028 (0.164) | 0.022 (0.148) | 0.016 (0.126) |
Government | 0.030 (0.172) | 0.016 (0.125) | 0.000 (0.000) | 0.015 (0.120) | 0.015 (0.121) | 0.025 (0.157) |
Institution | 0.016 (0.124) | 0.039 (0.195) | 0.071 (0.267) | 0.028 (0.164) | 0.037 (0.190) | 0.020 (0.140) |
Offshore | 0.020 (0.139) | 0.008 (0.088) | 0.214 (0.426) | 0.037 (0.189) | 0.044 (0.207) | 0.025 (0.156) |
Private | 0.309 (0.462) | 0.164 (0.372) | 0.143 (0.363) | 0.238 (0.426) | 0.170 (0.377) | 0.275 (0.447) |
Real Estate Invetment Trust | 0.010 (0.099) | 0.031 (0.175) | 0.000 (0.000) | 0.013 (0.113) | 0.000 (0.000) | 0.011 (0.105) |
Real Estate Operating Company | 0.001 (0.031) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.000) | 0.007 (0.086) | 0.001 (0.031) |
Retailer | 0.002 (0.044) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.000) | 0.000 (0.000) | 0.001 (0.036) |
Unknown | 0.552 (0.498) | 0.672 (0.471) | 0.571 (0.514) | 0.625 (0.485) | 0.667 (0.473) | 0.584 (0.493) |
Lender Type | ||||||
Commercial Mortgage Backed Security | 0.196 (0.397) | 0.281 (0.451) | 0.643 (0.497) | 0.278 (0.449) | 0.407 (0.493) | 0.234 (0.423) |
Financial | 0.047 (0.211) | 0.055 (0.228) | 0.000 (0.000) | 0.036 (0.185) | 0.030 (0.170) | 0.043 (0.203) |
Government Agency | 0.002 (0.044) | 0.008 (0.088) | 0.000 (0.000) | 0.002 (0.040) | 0.000 (0.000) | 0.002 (0.048) |
Insurance | 0.044 (0.205) | 0.086 (0.281) | 0.000 (0.000) | 0.074 (0.263) | 0.133 (0.340) | 0.057 (0.232) |
International Bank | 0.100 (0.300) | 0.133 (0.341) | 0.071 (0.267) | 0.099 (0.299) | 0.096 (0.296) | 0.104 (0.305) |
National Bank | 0.121 (0.327) | 0.141 (0.349) | 0.071 (0.267) | 0.149 (0.356) | 0.074 (0.263) | 0.125 (0.330) |
Pension Fund | 0.001 (0.038) | 0.000 (0.000) | 0.000 (0.000) | 0.003 (0.057) | 0.000 (0.000) | 0.002 (0.041) |
Private | 0.018 (0.132) | 0.000 (0.000) | 0.000 (0.000) | 0.005 (0.070) | 0.015 (0.121) | 0.014 (0.115) |
Regional/Local Bank | 0.161 (0.367) | 0.102 (0.303) | 0.071 (0.267) | 0.117 (0.321) | 0.037 (0.190) | 0.139 (0.346) |
Unknown | 0.310 (0.463) | 0.195 (0.398) | 0.143 (0.363) | 0.238 (0.426) | 0.207 (0.407) | 0.281 (0.450) |
Number of observations | 2042 | 128 | 14 | 618 | 135 | 3037 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
---|---|---|---|---|---|---|---|
Control Sample | Diagonal | Curvature | Setbacks | Podiums | Full Sample | Awards | |
Design Features | |||||||
Diagonal | 0.060 | 0.113 *** | 0.124 *** | ||||
[0.044] | [0.037] | [0.026] | |||||
Curvature | 0.218 * | 0.034 | −0.007 | ||||
[0.128] | [0.105] | [0.110] | |||||
Setbacks | −0.119 *** | −0.115 *** | −0.100 *** | ||||
[0.026] | [0.025] | [0.025] | |||||
Podium Extrusion | 0.146 *** | 0.104 ** | 0.097 ** | ||||
[0.057] | [0.047] | [0.046] | |||||
Awarded Design | |||||||
Awarded Architects | 0.190 ** | ||||||
[0.088] | |||||||
Awarded Firms | 0.451 *** | ||||||
[0.093] | |||||||
Awarded Architects and Firms | 0.289 *** | ||||||
[0.060] | |||||||
Building Features | |||||||
Age | −0.006 *** | −0.006 *** | −0.006 *** | −0.005 *** | −0.005 *** | −0.005 *** | −0.005 *** |
[0.001] | [0.001] | [0.001] | [0.001] | [0.001] | [0.001] | [0.001] | |
Number Floors | −0.000 | −0.001 | −0.000 | 0.001 | 0.001 | 0.001 | 0.002 |
[0.002] | [0.002] | [0.002] | [0.001] | [0.001] | [0.001] | [0.001] | |
Log (Square Meters) | 0.800 *** | 0.802 *** | 0.798 *** | 0.807 *** | 0.804 *** | 0.810 *** | 0.804 *** |
[0.012] | [0.011] | [0.012] | [0.010] | [0.012] | [0.010] | [0.010] | |
Class B | −0.203 *** | −0.211 *** | −0.206 *** | −0.220 *** | −0.216 *** | −0.231 *** | −0.226 *** |
(Relative to Class A) | [0.037] | [0.035] | [0.037] | [0.030] | [0.035] | [0.027] | [0.027] |
Class C | −0.314 *** | −0.317 *** | −0.316 *** | −0.344 *** | −0.321 *** | −0.344 *** | −0.340 *** |
(Relative to Class A) | [0.044] | [0.042] | [0.044] | [0.037] | [0.043] | [0.036] | [0.036] |
Renovated | 0.094 *** | 0.097 *** | 0.094 *** | 0.112 *** | 0.100 *** | 0.107 *** | 0.113 *** |
[0.033] | [0.031] | [0.033] | [0.027] | [0.032] | [0.025] | [0.025] | |
Walk Score | 0.018 * | 0.019 * | 0.020 * | 0.017 | 0.018 * | 0.016 | 0.014 |
[0.010] | [0.010] | [0.010] | [0.010] | [0.010] | [0.010] | [0.010] | |
Buyer Type Relative to Private Buyers | |||||||
Corporation | −0.030 | −0.024 | −0.032 | −0.038 | −0.027 | −0.032 | −0.034 |
[0.050] | [0.049] | [0.050] | [0.045] | [0.050] | [0.044] | [0.044] | |
Fund | 0.254 *** | 0.262 *** | 0.254 *** | 0.287 *** | 0.272 *** | 0.301 *** | 0.314 *** |
[0.075] | [0.072] | [0.075] | [0.068] | [0.073] | [0.063] | [0.062] | |
Government | −0.046 | −0.073 | −0.048 | −0.079 | −0.046 | −0.096 * | −0.092 * |
[0.066] | [0.065] | [0.067] | [0.057] | [0.065] | [0.055] | [0.055] | |
Institution | 0.296 *** | 0.295 *** | 0.294 *** | 0.251 *** | 0.293 *** | 0.238 *** | 0.218 *** |
[0.061] | [0.057] | [0.061] | [0.053] | [0.060] | [0.049] | [0.048] | |
Offshore | 0.325 *** | 0.346 *** | 0.324 *** | 0.331 *** | 0.331 *** | 0.342 *** | 0.328 *** |
[0.073] | [0.069] | [0.072] | [0.057] | [0.065] | [0.049] | [0.048] | |
Real Estate Investment Trust | 0.353 *** | 0.363 *** | 0.333 *** | 0.269 *** | 0.371 *** | 0.254 *** | 0.237 *** |
[0.085] | [0.079] | [0.085] | [0.069] | [0.070] | [0.055] | [0.055] | |
Real Estate Operating Company | 0.515 *** | 0.524 *** | 0.418 ** | 0.214 | 0.279 | 0.107 | 0.057 |
[0.169] | [0.166] | [0.174] | [0.232] | [0.171] | [0.164] | [0.177] | |
Retailer | 0.407 *** | 0.305 ** | 0.410 *** | 0.402 *** | 0.424 *** | 0.288 ** | 0.210 |
[0.097] | [0.124] | [0.097] | [0.107] | [0.097] | [0.139] | [0.158] | |
Seller Type Relative to Private Sellers | |||||||
Corporation | −0.051 | −0.050 | −0.048 | −0.050 | −0.041 | −0.029 | −0.031 |
[0.051] | [0.051] | [0.051] | [0.050] | [0.051] | [0.049] | [0.048] | |
Fund | 0.334 *** | 0.332 *** | 0.336 *** | 0.230 *** | 0.289 *** | 0.213 *** | 0.225 *** |
[0.095] | [0.086] | [0.095] | [0.076] | [0.089] | [0.066] | [0.066] | |
Government | −0.051 | −0.050 | −0.0448 | −0.050 | −0.041 | −0.029 | −0.031 |
[0.060] | [0.061] | [0.061] | [0.056] | [0.061] | [0.057] | [0.056] | |
Institution | 0.090 | 0.113 | 0.104 | 0.115 * | 0.104 | 0.131 ** | 0.120 ** |
[0.078] | [0.072] | [0.076] | [0.064] | [0.076] | [0.059] | [0.059] | |
Offshore | 0.235 *** | 0.223 *** | 0.211 ** | 0.205 *** | 0.179 ** | 0.151 ** | 0.141 ** |
[0.088] | [0.087] | [0.085] | [0.068] | [0.087] | [0.063] | [0.062] | |
Real Estate Investment Trust | 0.213 *** | 0.253 *** | 0.213 *** | 0.159 ** | 0.192 ** | 0.148 ** | 0.131 ** |
[0.079] | [0.074] | [0.079] | [0.069] | [0.079] | [0.062] | [0.059] | |
Real Estate Operating Company | 0.140 | 0.161 | 0.139 | 0.168 | 0.336 * | 0.374 ** | 0.414 ** |
[0.186] | [0.183] | [0.188] | [0.141] | [0.188] | [0.174] | [0.184] | |
Retailer | 0.583 *** | 0.582 *** | 0.584 *** | 0.562 *** | 0.579 *** | 0.562 *** | 0.575 *** |
[0.196] | [0.198] | [0.192] | [0.189] | [0.201] | [0.199] | [0.198] | |
Lender Type Relative to Private Lenders | |||||||
Commercial Mortgage Backed Security | 0.019 | 0.030 | 0.023 | 0.009 | 0.056 | 0.073 | 0.077 |
[0.090] | [0.090] | [0.090] | [0.088] | [0.096] | [0.092] | [0.092] | |
Financial | 0.028 | 0.020 | 0.030 | −0.028 | 0.060 | 0.013 | 0.018 |
[0.095] | [0.095] | [0.095] | [0.094] | [0.102] | [0.098] | [0.098] | |
Government Agency | −0.255 ** | −0.128 | −0.258 ** | −0.344 *** | −0.207 * | −0.146 | −0.135 |
[0.109] | [0.147] | [0.110] | [0.118] | [0.119] | [0.147] | [0.149] | |
Insurance | −0.259 ** | −0.294 *** | −0.257 ** | −0.208 ** | −0.179 * | −0.178 * | −0.180 * |
[0.104] | [0.102] | [0.104] | [0.096] | [0.107] | [0.099] | [0.098] | |
International Bank | −0.041 | −0.042 | −0.042 | −0.054 | 0.002 | −0.028 | −0.025 |
[0.089] | [0.089] | [0.089] | [0.087] | [0.096] | [0.092] | [0.092] | |
National Bank | −0.159 * | −0.159 * | −0.156 * | −0.136 | −0.116 | −0.095 | −0.097 |
[0.088] | [0.088] | [0.088] | [0.086] | [0.095] | [0.091] | [0.091] | |
Pension Fund | −0.016 | −0.014 | −0.014 | 0.007 | 0.016 | 0.057 | 0.078 |
[0.447] | [0.436] | [0.446] | [0.289] | [0.455] | [0.291] | [0.288] | |
Regional/Local Bank | −0.249 *** | −0.257 *** | −0.245 *** | −0.244 *** | −0.205 ** | −0.206 ** | −0.203 ** |
[0.086] | [0.087] | [0.086] | [0.086] | [0.093] | [0.090] | [0.090] | |
Location and Time FE | YES | YES | YES | YES | YES | YES | YES |
Constant | 8.310 *** | 8.195 *** | 8.147 *** | 8.206 *** | 8.228 *** | 8.296 *** | 8.437 *** |
[1.046] | [1.031] | [1.039] | [1.067] | [1.028] | [1.001] | [1.005] | |
Observations | 2042 | 2170 | 2056 | 2660 | 2177 | 3037 | 3037 |
R-squared | 0.865 | 0.869 | 0.867 | 0.873 | 0.880 | 0.885 | 0.886 |
F Adj R-Squared | 0.860 | 0.870 | 0.860 | 0.870 | 0.880 | 0.880 | 0.880 |
(1) | (2) | (3) | (4) | (5) | (6) | (7) | |
---|---|---|---|---|---|---|---|
Control Sample | Diagonal | Curvature | Setbacks | Podiums | Full Sample | Awards | |
Design Features | |||||||
Diagonal | −0.013 | 0.017 * | 0.020 ** | ||||
[0.012] | [0.009] | [0.009] | |||||
Curvature | 0.028 | −0.021 | −0.018 | ||||
[0.021] | [0.016] | [0.016] | |||||
Setbacks | −0.033 *** | −0.033 *** | −0.024 *** | ||||
[0.006] | [0.005] | [0.005] | |||||
Podium Extrusion | 0.037 *** | 0.027 *** | 0.035 *** | ||||
[0.010] | [0.007] | [0.007] | |||||
Awarded Design | |||||||
Awarded Architects | 0.184 *** | ||||||
[0.022] | |||||||
Awarded Firms | 0.182 *** | ||||||
[0.025] | |||||||
Awarded Architects and Firms | 0.078 *** | ||||||
[0.012] | |||||||
Building Features | |||||||
Age | −0.006 *** | −0.008 *** | −0.006 *** | −0.006 *** | −0.009 *** | −0.007 *** | 0.007 *** |
[0.001] | [0.001] | [0.001] | [0.000] | [0.001] | [0.000] | [0.000] | |
Number Floors | 0.004 *** | 0.004 *** | 0.004 *** | 0.002 *** | 0.006 *** | 0.002 *** | 0.002 *** |
[0.000] | [0.000] | [0.000] | [0.000] | [0.000] | [0.000] | [0.000] | |
Log (Square Meters) | −0.007 | 0.001 | 0.006 | 0.010** | −0.010* | 0.012 *** | 0.008 ** |
[0.006] | [0.005] | [0.006] | [0.004] | [0.005] | [0.003] | [0.003] | |
Class B | −0.155 *** | −0.132 *** | −0.152 *** | −0.132 *** | −0.088 *** | −0.102 *** | −0.105 *** |
(Relative to Class A) | [0.013] | [0.013] | [0.013] | [0.008] | [0.013] | [0.007] | [0.007] |
Class C | −0.260 *** | −0.223 *** | −0.249 *** | −0.258 *** | −0.194 *** | −0.012 *** | −0.225 *** |
(Relative to Class A) | [0.024] | [0.023] | [0.024] | [0.018] | [0.023] | [0.003] | [0.017] |
Renovated | 0.024 *** | 0.020 *** | 0.023 *** | 0.027 *** | 0.008 | 0.009 * | 0.012 ** |
[0.008] | [0.007] | [0.008] | [0.006] | [0.007] | [0.005] | [0.005] | |
Walk Score | 0.016 *** | 0.021 *** | 0.004 | 0.016 *** | −0.003 | 0.004 | 0.005 |
[0.006] | [0.005] | [0.006] | [0.003] | [0.006] | [0.003] | [0.003] | |
Transaction Type Relative to New Lease | |||||||
Early Renewal | 0.367 *** | 0.374 *** | 0.353 *** | 0.225 *** | 0.196* | 0.214 *** | 0.226 *** |
[0.030] | [0.029] | [0.029] | [0.107] | [0.115] | [0.072] | [0.064] | |
Lease Expansion | 0.064 *** | 0.067 *** | 0.064 *** | 0.049 *** | 0.046 *** | 0.043 *** | 0.041 *** |
[0.012] | [0.012] | [0.012] | [0.010] | [0.011] | [0.008] | [0.008] | |
Lease Extension | −0.070 ** | −0.061 ** | −0.067 ** | −0.042 * | −0.046 * | −0.018 | −0.017 |
[0.030] | [0.028] | [0.030] | [0.024] | [0.028] | [0.023] | [0.023] | |
Lease | −0.037 | −0.048 | 0.028 | −0.022 | −0.047 | −0.003 | 0.006 |
Extension/Expansion | [0.179] | [0.176] | [0.143] | [0.141] | [0.129] | [0.091] | [0.090] |
Lease Renewal | 0.013 | 0.007 | 0.012 | 0.011 * | 0.017 ** | 0.013 ** | 0.012 ** |
[0.008] | [0.008] | [0.008] | [0.006] | [0.008] | [0.006] | [0.006] | |
Lease | 0.020 | 0.015 | 0.022 | 0.007 | 0.058 | 0.036 | 0.041 |
Renewal/Contraction | [0.053] | [0.057] | [0.051] | [0.046] | [0.046] | [0.039] | [0.038] |
Lease | 0.037 | 0.007 | 0.038 | −0.011 | 0.024 | −0.019 | −0.018 |
Renewal/Expansion | [0.033] | [0.031] | [0.031] | [0.024] | [0.026] | [0.019] | [0.019] |
Log (Transaction Size) | −0.009 ** | −0.006 | −0.011 *** | −0.002 | −0.007 * | 0.001 | 0.001 |
[0.004] | [0.004] | [0.004] | [0.003] | [0.004] | [0.003] | [0.003] | |
Lease Duration Relative to Lease term <5 years | |||||||
6−10 years | 0.040 *** | 0.037 *** | 0.040 *** | 0.037 *** | 0.049 *** | 0.043 *** | 0.044 *** |
[0.009] | [0.008] | [0.009] | [0.007] | [0.008] | [0.006] | [0.006] | |
11−15 years | 0.091 *** | 0.091 *** | 0.097 *** | 0.084 *** | 0.108 *** | 0.094 *** | 0.098 *** |
[0.011] | [0.010] | [0.011] | [0.008] | [0.010] | [0.007] | [0.007] | |
16−20 years | 0.157 *** | 0.167 *** | 0.160 *** | 0.159 *** | 0.179 *** | 0.171 *** | 0.175 *** |
[0.019] | [0.018] | [0.018] | [0.014] | [0.016] | [0.012] | [0.012] | |
21−25 years | 0.142 *** | 0.149 *** | 0.137 *** | 0.131 *** | 0.202 *** | 0.202 *** | 0.201 *** |
[0.038] | [0.035] | [0.038] | [0.032] | [0.034] | [0.026] | [0.026] | |
Free Rent Periods Relative to No Free Rent | |||||||
<6 months free | −0.000 | 0.004 | −0.002 | −0.002 | 0.018 | 0.017 | 0.021 |
[0.018] | [0.017] | [0.018] | [0.014] | [0.018] | [0.014] | [0.014] | |
6−12 months free | −0.038 * | −0.039 ** | −0.042 ** | −0.046 *** | −0.032 * | −0.043 *** | −0.039 *** |
[0.020] | [0.019] | [0.020] | [0.016] | [0.019] | [0.015] | [0.015] | |
13−18 months free | −0.120 *** | −0.115 *** | −0.128 *** | −0.119 *** | −0.115 *** | −0.116 *** | −0.115 *** |
[0.025] | [0.024] | [0.025] | [0.020] | [0.023] | [0.018] | [0.018] | |
19−24 months free | −0.176 *** | −0.186 *** | −0.191 *** | −0.172 *** | −0.134 *** | −0.141 *** | −0.152 *** |
[0.059] | [0.058] | [0.058] | [0.047] | [0.049] | [0.038] | [0.038] | |
Landlord Concessions Relative to Tenant Improvement | |||||||
As−Is | 0.026 | 0.036 | 0.033 | 0.033 | 0.047 * | 0.050 *** | 0.054 *** |
[0.026] | [0.026] | [0.025] | [0.021] | [0.025] | [0.019] | [0.019] | |
Built to Suit | −0.303 *** | −0.301 *** | −0.297 *** | −0.153 ** | −0.290 *** | −0.149 *** | −0.123 * |
[0.022] | [0.021] | [0.022] | [0.071] | [0.020] | [0.056] | [0.064] | |
NBI | 0.047 *** | 0.046 *** | 0.048 *** | 0.054 *** | 0.056 *** | 0.062 *** | 0.063 *** |
[0.017] | [0.016] | [0.017] | [0.012] | [0.015] | [0.010] | [0.010] | |
Other | −0.072 | −0.086 | −0.071 | −0.107 | −0.047 | −0.047 | −0.030 |
[0.097] | [0.095] | [0.096] | [0.068] | [0.076] | [0.068] | [0.073] | |
Paint and Carpet | 0.066 | 0.106 | 0.064 | 0.011 | 0.004 | 0.026 | 0.032 |
[0.100] | [0.081] | [0.083] | [0.049] | [0.097] | [0.045] | [0.046] | |
Pre Built | 0.090 *** | 0.111 *** | 0.092 *** | 0.100 *** | 0.095 *** | 0.116 *** | 0.115 *** |
[0.029] | [0.026] | [0.027] | [0.018] | [0.024] | [0.015] | [0.015] | |
Turnkey | 0.138 *** | 0.130 *** | 0.136 *** | 0.127 *** | 0.143 *** | 0.148 *** | 0.115 *** |
[0.049] | [0.047] | [0.051] | [0.035] | [0.050] | [0.034] | [0.033] | |
Unspecified | 0.025 *** | 0.021 * | 0.024 ** | 0.035 *** | 0.035 *** | 0.037 *** | 0.038 *** |
[0.011] | [0.011] | [0.011] | [0.008] | [0.011] | [0.008] | [0.008] | |
Sublease | −0.155 *** | −0.151 *** | −0.158 *** | −0.163 *** | −0.164 *** | −0.162 *** | −0.159 *** |
[0.014] | [0.013] | [0.013] | [0.011] | [0.012] | [0.009] | [0.009] | |
Landlord Broker | 0.027 *** | 0.024 *** | 0.025 *** | 0.039 *** | 0.025 *** | 0.033 *** | 0.033 *** |
[0.009] | [0.008] | [0.009] | [0.007] | [0.008] | [0.006] | [0.006] | |
Tenant Broker | −0.004 | 0.005 | −0.004 | −0.005 | −0.002 | 0.005 | 0.004 |
[0.007] | [0.007] | [0.007] | [0.007] | [0.007] | [0.007] | [0.007] | |
Location and Time FE | YES | YES | YES | YES | YES | YES | YES |
Constant | 4.829 *** | 4.262 *** | 5.941 *** | 4.681 *** | 6.706 *** | 5.575 *** | 5.791 *** |
[0.607] | [0.536] | [0.613] | [0.322] | [0.616] | [0.301] | [0.295] | |
Observations | 5848 | 6515 | 6014 | 9609 | 7142 | 12,772 | 12,772 |
R−squared | 0.646 | 0.630 | 0.644 | 0.631 | 0.636 | 0.617 | 0.624 |
F Adj R−Squared | 0.640 | 0.630 | 0.640 | 0.630 | 0.630 | 0.620 | 0.620 |
© 2020 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).
Share and Cite
Rong, H.H.; Yang, J.; Kang, M.; Chegut, A. The Value of Design in Real Estate Asset Pricing. Buildings 2020, 10, 178. https://doi.org/10.3390/buildings10100178
Rong HH, Yang J, Kang M, Chegut A. The Value of Design in Real Estate Asset Pricing. Buildings. 2020; 10(10):178. https://doi.org/10.3390/buildings10100178
Chicago/Turabian StyleRong, Helena Hang, Juncheng Yang, Minkoo Kang, and Andrea Chegut. 2020. "The Value of Design in Real Estate Asset Pricing" Buildings 10, no. 10: 178. https://doi.org/10.3390/buildings10100178