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.
Price Indexes for Commercial and Office properties: An Application of the Assessed Value Method
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Created on 2/18/2011
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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