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Office Capitalization Rates: Why Do They Vary Across Metropolitan Markets?
by: Petros S. Sivitanides and Rena C. Sivitanidou
The object of this article is to shed light on the extent and underlying determinants of intermetropolitan differentials in office capitalization rates. The authors present a cross-sectional model which accounts for the partial adjustment of such rates and synthesizes both the direct income capitalization and the discounted cash flow approaches. Employing average capitalization rates across 43 office markets in 1995 and 1991, the subsequent estimation of this model yields intuitive results.
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