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Negative Externalities of Structural Vacant Offices

Negative Externalities of Structural Vacant Offices . Sabira El Messlaki, Philip Koppels, Hilde Remøy and Clarine van Oel. Introduction. Negative Externalities and Structural Vacancy. High levels of vacancy Concentration in specific areas and buildings Social security, criminality

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Negative Externalities of Structural Vacant Offices

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  1. Negative Externalities of Structural Vacant Offices Sabira El Messlaki, Philip Koppels, Hilde Remøy and Clarine van Oel

  2. Introduction Negative Externalities and Structural Vacancy • High levels of vacancy • Concentration in specific areas and buildings • Social security, criminality • Negative externalities related to structural vacant buildings? • Positive externalities are often assumed • Landmark buildings • Spatially lagged dependent variable specification

  3. Structural Vacancy Operationalization • “Structural” nature: three consecutive years • Visibility of vacancy: at least 50% of the building is vacant

  4. Research Method Hedonic Pricing Data sample: 128 buildings 274 transactions 2003-2007

  5. Research Method Hedonic Equation

  6. 450 m r=500m 50 m 300 m office buildings structural vacant office buildings Building size (GFA) 40.000 m² 500 m²

  7. 450 m r=500m 50 m Impact depends on: Distance Building size 300 m

  8. Results

  9. Results

  10. Predicted rent levels: No structural vacant neighbors € 155,- 2 structural vacant neighbors of 10,000 GFA and at distance 50m € 148,- r=500m 50 m 50 m

  11. Results

  12. Conclusion & Discussion Base model seems plausible Significant relationship structural vacant offices and rent prices nearby buildings Vicious circle? Collective action Some issues to consider Proxy Weight matrix specification Submarket dummies

  13. Questions? Contact author: p.w.koppels@tudelft.nl

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