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Price Indexes for Commercial and Office properties: An Application of the Assessed Value Method

UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
Gustav D. Jud, Retired (Creator)
Daniel T. Winkler, Professor (Creator)
Institution
The University of North Carolina at Greensboro (UNCG )
Web Site: http://library.uncg.edu/

Abstract: This study constructs a nonresidential, constant-quality price index, based on the assessed- value approach, and adjusts for the possibility for sample selection bias. The sample consists of a large sample of commercial and office properties located in Charlotte, N.C. during 1981-1994. Statistical tests for sample selection bias suggest that bias is present in the office sample, but not in the commercial property sample. For office properties, the selection process is such that higher prices prevail for equivalent office properties that sell relative to those that do not sell. The estimated price indexes indicate average appreciation rates of 16.2% for commercial property and 9.9% for office property.

Additional Information

Publication
Journal of Real Estate Portfolio Management, vol. 5, no. 1, 1999, pp: 71-81.
Language: English
Date: 1999
Keywords
Value, Real estate, Finance, Commercial properties