The Vertical City: Rent Gradients and Spatial Structure Crocker H. Liu Robert A. Beck Professor of Hospitality Financial Management School of Hotel Administration Cornell University Phone: (607) 255-3739
[email protected] Stuart S. Rosenthal Maxwell Advisory Board Professor of Economics Department of Economics and Center for Policy Research Syracuse University Syracuse, New York, 13244-1020 Phone: (315) 443-3809
[email protected] William C. Strange RioCan Real Estate Investment Trust Professor of Real Estate and Urban Economics Rotman School of Management University of Toronto, Toronto Ontario M5S 3E6, Canada Phone: (416) 978-1949
[email protected] June 6, 2015 Version: February 8, 2016 PRELIMINARY: COMMENTS WELCOME We thank Laurent Gobillon and Anthony Yezer for helpful comments, as well as seminar participants at George Washington University and the Federal Reserve and attendees at presentations at the 2015 UEA/NARSC Conference in Portland and the AREUEA Annual Meetings in San Francisco. We also thank Daniel Peek and Joseph Shaw for valuable discussions on commercial buildings and leases. In addition, we thank several commercial real estate organizations for providing us with access to their offering memoranda. CompStak data were obtained with support from the Center for Real Estate and Finance at the School of Hotel Administration at Cornell and also from the Maxwell School at Syracuse University. Strange acknowledges financial support from the Social Sciences and Humanities Research Council of Canada and the Centre for Real Estate at the Rotman School of Management. Nuno Mota, Sherry Zhang, Jindong Pang, and Boqian Jiang provided excellent research assistance. Errors, of course, are the responsibility of the three authors.