A Hedonic Price Model for the Office Market: An Application for the Paris-La DÈfense District

A growing body of hedonic literature applied to the residential housing market has been developed during the last 30 years, mainly in North-America and UK. Office market has undergone several investigations in a more recent period. These studies typically have approached value indirectly through measures of rents. A smaller number of office market studies have focused on direct measures of actual or imputed property value. As a contribution to this literature, the aim of this paper is to provide what we consider, to the best of our knowledge, the first application of the hedonic approach to the office French market. We carried out a hedonic analysis of office properties and develop a transaction-based index for the business district of Paris-La DÈfense.