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This paper examines rent determinants and their relationship with commercial office property rents.

The method adopted in this study differs from that of previous studies on this topic. Firstly, based on the survey of the viewpoints of experts, Relative Importance Index (RII) analysis was used to identify rent determinants and to rank and ensure their relevance and validity in the Sri Lankan context. Secondly, sampling of data related to 115 office properties collected from property tenants and landlords located within the central built-up area of Colombo City was conducted using a multi-methods approach to carry out an objective hedonic analysis of office rents.

This research utilizes RII and hedonic models to provide insights into determinants and relationships. Both analyses confirm that the three top drivers of commercial office rent are distance from the major town center, availability of parking space and the condition of the property. In addition to these three factors, hedonic models reveal that the age of the property and the availability of a conference hall also play a relevant role in explaining office rents. Given the disparities in the findings of the two methods, further examination was able to confirm that factors such as distance from the major town center, parking availability, age of the property, presence of a conference hall, building condition, floor size, business type and type of building are likely to influence commercial office rent. These findings reflect elements such as the quality, newness and better facilities of different office properties.

This systematic study and analysis of office rent for the guidance of real estate investors can support sound investment decisions, potentially leading to more financially sound property development, reduced public debt levels and improved public-private financing. Further, the research findings offer valuable insights to real estate investors, developers and planners regarding location decisions for office development quality enhancements in future office developments.

This research provides fresh insights into the local scale office market, an area where limited evidence currently exists. Further, the methodology adopted provides evidence that hedonic analysis, supported by a multi-method approach, can mitigate the subjective judgments made by professionals.

This study aims to show how hedonic methods can be used to compare the performance of the public and private sector housing markets in Costa Rica.

Hedonic price indexes are computed using the adjacent-period method. Average housing quality is measured by comparing hedonic and median price indexes. The relative performance of the public and private sector residential construction is compared by estimating separate hedonic models for each sector. A private sector price is then imputed for each house built in the public sector, and a public sector price is imputed for each house built in the private sector.

The real quality-adjusted price of private housing rose by 12 per cent between 2000 and 2013, whereas the price of private housing rose by 9 per cent. The average quality of private housing rose by 45 per cent, whereas that of public housing fell by 18 per cent. Nevertheless, the hedonic imputation analysis reveals that public housing could not be produced more cheaply in the private sector.

The quality of public housing has declined over time. The hedonic analysis shows that the decline is not because of a lack of competition between construction firms in the public sector. An alternative demand side explanation is provided.

This study applies hedonic methods in novel ways to compare the relative performance of the public and private housing sectors in Costa Rica. The results shed new light on the effectiveness of public sector housing programs.

The primary objective of this study is to apply hedonic regression techniques to an office market to identify and quantify the significant contribution of the different attributes to office rents. This technique is widely used in the analysis of housing markets but an extensive literature review reveals little application in commercial property markets. The study analyses a sample of 477 asking rents, together with a series of locational and physical attributes, for the City of Glasgow. The results explain approximately 60 per cent of variation in rents across the city, emphasizing the importance of age and location as principal determinants of rents.

The main purpose of this paper is to explore the listing behaviours of agents and sellers. In particular, the paper analyzes listing prices and the predicting power of the house features described in advertisements, to improve their use in real estate valuations. In Italy, selling prices are not public information and therefore listing prices play a key role for market analyses and are used by real estate companies and appraisers for estimating house values.

A traditional hedonic model was used to measure the overall contribution to listing price of the characteristics described in advertisements. The analysis was performed both on houses put on the market by agents and on houses put on the market by sellers. Listing price distributions and their deviation from normality were analyzed. Furthermore, a hedonic analysis was performed, which consisted of two steps. First, the coefficient of determination for any characteristic was computed. Second, the overall contribution to the listing price of the characteristics described in advertisements was measured.

The analysis shows the presence of factors which affect listing prices and which are not revealed to buyers in real estate advertisements. On the other hand, the presence of characteristics that do not affect the listing price but are described in advertisements was also found. Furthermore, agents and sellers showed different behaviours. While the marginal contributions of each characteristic estimated on a sample of houses put on the market by agents were significant, the analysis reveals that listing prices of houses put on the market by sellers are not explained by the house features.

To the best of the authors’ knowledge, this is the first study to propose a hedonic approach to exploring the major determinants of listing prices of houses on sale on the Italian market. The listing behaviour of agents and sellers and the predicting power of the observable characteristics could address the use of listing prices in real estate valuations. At the same time, the potential presence of unobservable factors that affect the listing price could be a source of bias in estimating the value of houses.

The paper aims to describe, construct, and compare alternative price indices for real estate in Malta over the period 1980‐2010.

The paper utilises the technique of hedonic regression analysis to construct four hedonic price indices. One of the constructed indices is based the unconstrained hedonic methodology. Two other indices are variants of the constrained hedonic technique, while the fourth consists of an imputed hedonic index. The hedonic indices are then compared to other 12 conventional indices, namely the Laspeyres, Paasche and Fisher indices (constant weight and chain linked) that are constructed by utilizing the mean and median house prices pertaining to 14 different types of houses.

All indices are found to move closely together, growing between six and seven times between 1980 and 2010. The average annual compound growth rate of the 16 indices was found to be 6.5126 percent. The paper also shows how the estimated hedonic coefficients can be used to construct regional price indices for different combinations of housing characteristics.

The paper builds on previous work related to house prices in Malta. Its main contribution is the construction of hedonic indices that are based on advertised prices that span over a relatively long period of 31 years, together with the construction of constant weight and chain linked Laspeyres, Paasche and Fisher indices.

Air quality, noise and proximity to urban infrastructure can arguably have an important impact on the quality of life. Environmental quality (the price of good health) has become a central tenet for consumer choice in urban locales when deciding on a residential neighbourhood. Unlike the market for most tangible goods, the market for environmental quality does not yield an observable per unit price effect. As no explicit price exists for a unit of environmental quality, this paper aims to use the housing market to derive its implicit price and test whether these constituent elements of health and well-being are indeed capitalised into property prices and thus implicitly priced in the market place.

A considerable number of studies have used hedonic pricing models by incorporating spatial effects to assess the impact of air quality, noise and proximity to noise pollutants on property market pricing. This study presents a spatial analysis of air quality and noise pollution and their association with house prices, using 2,501 sale transactions for the period 2013. To assess the impact of the pollutants, three different spatial modelling approaches are used, namely, ordinary least squares using spatial dummies, a geographically weighted regression (GWR) and a spatial lag model (SLM).

The findings suggest that air quality pollutants have an adverse impact on house prices, which fluctuate across the urban area. The analysis suggests that the noise level does matter, although this varies significantly over the urban setting and varies by source.

Air quality and environmental noise pollution are important concerns for health and well-being. Noise impact seems to depend not only on the noise intensity to which dwellings are exposed but also on the nature of the noise source. This may suggest the presence of other externalities that arouse social aversion. This research presents an original study utilising advanced spatial modelling approaches. The research has value in further understanding the market impact of environmental factors and in providing findings to support local air zone management strategies, noise abatement and management strategies and is of value to the wider urban planning and public health disciplines.

Hedonic price modeling (HPM) plays an important role in identifying factors affecting the price of goods or services. Many researchers have extensively used this modeling approach in their research work. However, there has been no bibliometric review that analyses the existing research, which makes use of HPM modeling. This study aims to provide a comprehensive visualized bibliometric and scientometric view of HPM usage in real estate research.

The Scopus database was used to collect the bibliographic data of 269 publications from 1970 to 2019. CiteSpace software was then used to analyze and visualize the data.

The results revealed a significant increase in the annual number of HPM study publications. Core authors, participating countries and representative references have been identified. Research hotspots for the HPM studies were identified.

While the study provides a methodological bibliometric review of HPM literature, the findings provide a very good platform for understanding the important elements of HPM usage in real estate research.

While consumers did not previously have information on detailed housing features via traditional media, such as magazines, nowadays, due to the progress in information technology, they can access detailed information on various housing features via housing information websites. Therefore, detailed housing features may affect current rents to some extent. This paper aims to identify the effects of detailed housing features on rent and on omitted variable bias in Tokyo, Japan.

This paper applies the hedonic approach. To identify the effects of features which are not observed previously, we use a unique data set that contains various housing features and over 200,000 housing units. This data set enables to simulate the situations when the researcher cannot get some variables, and this simulation shows which variables cause omitted variable bias.

The analysis shows that housing features significantly influence housing rent. If significant housing feature variables are not included in the hedonic model, the estimated coefficients show omitted variable bias. Additionally, unit-specific features such auto-locking door can cause omitted variable bias on location-specific features such accessibility to downtown.

This paper shows empirical evidence that detailed housing features can cause omitted variable bias on other features including variables which are often used in previous searches. The result from our unique data set can be a guide for variable selection to reduce omitted variable bias.

The purpose of this paper was to evaluate the differences between common Brazilian beer and pure malt beer in the responses of hedonic scaling, willingness to pay and emotional response.

Two types of beer were selected to be tested – a common beer: Pilsen Skol and pure malt beer: Pilsen Eisenbahn. All the analysis was conducted under three labeling conditions: blind; labeled; inverted label with 70 participants in each test. A nine-point hedonic scale evaluated the acceptance. The consumer was questioned how much he/she would be willing to pay for a bottle of beer that he/she tasted. A questionnaire was elaborated based on the EsSense profile to evaluate emotions; 25 emotions were evaluated using a five-point scale. The socioeconomic status was defined based on consumer's household characteristics.

The acceptance score, positive emotions and willingness to pay were higher for pure malt beer in the labeled test and for common beer (labeled as pure malt) in the inverted test. The findings highlight that information, such as beer type and socioeconomic status, could influence consumer responses by altering hedonic perceptions, emotions and commercial value attributed to different beers. In general, the beer type did not affect the evaluated variables.

Brewing industry should explore in their marketing strategies and state clearly the pure malt label. In restaurants, owners can explore pure malt beers as a strategy for garnering different customer profiles. Technological and production investments should be encouraged to reduce the product price, favoring the final consumer.

This study contributes to understanding the growth in the consumption of pure malt beers in Brazil. Moreover, it brings an overview of the influence of the label/information on regular Brazilian consumers.

The paper describes the use of hedonic analysis to examine the impact of the South Yorkshire Supertram on house prices in Sheffield. The approach was distinguished by the use of asking prices rather than transaction prices, the use of dummy variables to capture neighbourhood quality effects and the use of a GIS to calculate continuous distance variables. Compared with similar previous studies the equations performed well and identified, for the first time in a British context, a small, discrete transport induced price effect. Supertram initially depressed the prices of nearby houses but prices show signs of recovery. Further research is needed to examine the longer term impact of Supertram on the housing market.