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Abstract
Hedonic analysis is a well-established technique that has been applied to the analysis of residential market for almost forty years. Modeling and predicting prices and rents has become one of the major research areas in the real estate field, for both academics and practitioners. However, within the commercial real estate sector, it has had only limited application and these are predominantly confined to US or UK studies. This paper provides the first empirical analysis of office rents in Switzerland using data for the Canton Zurich that span the years 1994–2004. During this period, office rents experienced a significant decline and recovery. The objective of this study is to identify the significant determinants of office rents. The paper begins with an exposition of hedonic analysis followed by a review of the national and international literature. This is followed by the discussion of the empirical results and the key findings.
