Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/124750
Authors: 
Mikhailova, Tatiana
Year of Publication: 
2015
Series/Report no.: 
55th Congress of the European Regional Science Association: "World Renaissance: Changing roles for people and places", 25-28 August 2015, Lisbon, Portugal
Abstract: 
This paper studies the geography of competition on Moscow commercial real estate market. We estimate the elasticity of office rental price to the prices of competing objects as a function of the geographical distance. We found that office real estate market in Moscow, although saturated, is surprisingly local. The evidence of price competition exists primarily at a walking distance, and dies down quickly at a distances beyond one kilometer. However, if competing objects are connected by a subway line, the geographical radius of competition extends to up to three kilometers. Thus, in the case of Moscow real estate transportation infrastructure works to integrate local markets and promote competition, although the magnitude of these effects are modest.
Subjects: 
spatial competition
real estate
transport
JEL: 
R32
R33
L85
Document Type: 
Conference Paper

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