Purpose This study aims to explore the spatial externalities of apartment vacancy rates on housing rent by considering multiple vacancy durations. Design/methodology/approach This research uses smart meter data to measure unobservable vacant houses. This study made a significant contribution by...

The cost of imperfect information is estimated in the real estate market of resale condominiums in central Tokyo by using a new, comprehensive data set of resale condominium transactions. The results suggest a substantial cost. Specifically, if information were perfectly available and marketing...

What brought the concentration of people to certain areas? And how much are households prepared to pay in exchange for being part of such concentrations? Focusing on the Tokyo metropolitan area, which is one of the world’s largest urban areas, this paper aggregates individual data relating to...

When Japan's asset bubble burst, the office vacancy rate soared sharply. This study targets the office market in Tokyo's 23 special wards during Japan's bubble burst period. It aims to define economic conditions for the redevelopment/conversion of offices into housing and estimate the...