In this paper, we examine the impact of large-scale ownership on commercial real estate rent and selling price premiums.We also examine whether ENERGY STAR premiums found in the literature are a result of a signal for an own- ership brand effect rather than the label itself. The results suggest that large-scale owners generate sig- nificant market rental premiums, indicating a po- tential brand effect. The effect of sales prices is mixed when buyers manage the property. We ar- gue that large scale owners create a brand effect by reducing information asymmetry in the commer- cial real estate leasing market. The results show that the price and rental premiums associated with the ENERGY STAR designation might signal the brand effect to the market.
|Number of pages||15|
|Journal||Journal of Real Estate Portfolio Management|
|State||Published - 2018|