Management Science · 2026 · Crocker H. Liu、Chen Zheng、Bing Zhu
中文摘要
楼宇内部和/或街区范围内的集聚究竟是提升还是削弱物业价值？鉴于集聚以租户构成更加集中为代价来换取生产率的提升，其估值影响在事前并不明确。我们发现，仅当楼宇层面与街区层面的集聚均由同一行业的企业构成时，才存在价值溢价。这一溢价代表被资本化的知识溢出外部性。此外，我们表明股票市场会奖励交易专业化楼宇的房地产投资信托基金（REITs）。由此可见，标的不动产市场中由集聚产生的估值后果与公开不动产市场相一致。本文由 Tomasz Piskorski 接收，属金融领域。资助：本研究得到房地产研究学会（Real Estate Research Institute）的支持。补充材料：在线附录可在 https://doi.org/10.1287/mnsc.2023.02773 获取。
Abstract
Does agglomeration within a building and/or neighborhood enhance or weaken property value? The valuation impact is unclear ex ante, given that agglomeration tradesoff enhanced productivity at the expense of a more concentrated tenant base. We find that a value premium exists only when agglomeration at both the building and neighborhood levels consists of firms in the same industry. This premium represents capitalized knowledge spillover externalities. Additionally, we show the stock market rewards real estate investment trusts that transact specialized buildings. The valuation consequences arising from agglomeration in the underlying real estate market are thus consistent with the public real estate market. This paper was accepted by Tomasz Piskorski, finance. Funding: This work was supported by the Real Estate Research Institute. Supplemental Material: The online appendix is available at https://doi.org/10.1287/mnsc.2023.02773 .