Do large-scale owners enjoy brandinduced premiums?

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Abstract

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.

Original languageEnglish
Pages (from-to)35-49
Number of pages15
JournalJournal of Real Estate Portfolio Management
Volume24
Issue number1
StatePublished - 2018

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