OFFICE RENT MODELING IN ISTANBUL: A GEOADDITIVE APPROACH

Abstract

The objective of this research is to develop a hedonic model for office space rent prices in Istanbul, using a data set consisting of 2348 office spaces. The data includes information on office building and office space characteristics, as well as features related to the lease, location, and neighborhood that impact office rents. To examine the connection between office rent and these factors, a semiparametric geoadditive model was utilized, which allows for flexibility in functional form and captures location effects through geographical smoothing functions instead of location dummies. The results indicate that the link between office rent determinants and office space rents is nonlinear. The vacancy rate, a measure of office space demand, is the determinant with the greatest impact on office rents. The second most important determinant of office rents is that the office space is in an A-class office building, and the third most influential factor is that the office spaces have a view of the Bosporus.

Keywords

• Office rent
• Hedonic price theory
• Semiparametric
• Geoadditive model
• Istanbul office market

İSTANBUL’DA OFİS KİRA MODELLEMESİ: COĞRAFİ TOPLAMSAL BİR YAKLAŞIM

Abstract

Bu araştırmanın amacı, 2348 ofis alanından oluşan bir veri seti kullanarak İstanbul'daki ofis alanı kira fiyatları için hedonik bir model geliştirmektir. Veriler, ofis binası ve ofis alanı özelliklerinin yanı sıra ofis kiralarını etkileyen kiralama, mekân ve komşuluk ile ilgili özellikleri içerir. Ofis kirası ile bu faktörler arasındaki ilişkiyi incelemek için, fonksiyonel formda esnekliğe izin veren ve mekânsal kuklalar yerine coğrafi düzgünleştirme fonksiyonları aracılığıyla mekân etkilerini yakalayan yarı parametrik bir coğrafi toplamsal model yaklaşımı kullanılmıştır. Sonuçlar, ofis kira belirleyicileri ile ofis alanı kiraları arasındaki ilişkilerin doğrusal olmadığını göstermektedir. Ofis alanı talebinin bir ölçüsü olan boşluk oranı, ofis kiraları üzerinde en büyük etkiye sahip belirleyicidir. Ofis kiralarının ikinci en önemli belirleyicisi, ofis alanının A sınıfı bir ofis binasında bulunması ve üçüncü en etkili faktör ise ofislerin boğaz manzarasına sahip olmasıdır.

Keywords

• Ofis kirası
• Hedonik fiyat teorisi
• Yarı parametrik
• Coğrafi toplamsal model
• İstanbul ofis piyasası

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