Purpose – This paper identifies the importance of key factors influencing the quality of CBD office buildings. An office building quality index (BQI) is constructed and its relationship with net rent assessed.Design/methodology/approach – The importance of 30 property‐specific CBD office building attributes on the quality of CBD office buildings is assessed using a survey of property industry respondents. The analytical hierarchy process procedure is used to determine weights for each of these attributes to construct an office BQI.Findings – Findings indicate that functionality (31.0 per cent), services (22.6 per cent), access and circulation (16.4 per cent), presentation (13.1 per cent), management (11.5 per cent) and amenities (5.4 per cent) are the order of importance in assessing office building quality. There was found to be a strong functional relationship between office building quality and net rent.Practical implications – A better understanding of the factors influencing CBD office building quali...

The importance of property-specific attributes in assessing CBD office building quality

What determines the attractiveness of a location within a given housing market? The study reports some preliminary cross-country evidence on housing consumer preferences, based on expert elicited preference profiles generated by an analytic hierarchy process (AHP). The findings indicate fundamental differences between the two housing market contexts: metropolitan Helsinki (in 1998) and Randstad Holland (in 2003). In Helsinki housing quality and a spacious environment are always taken for granted. Therefore, an important choice criterion is location, particularly two aspects of it: accessibility and ȁ8pleasantnessȁ9. The latter aspect characterises a pluralist consumer preference formation; it is based on various individual and idiosyncratic lifestyles that depend on value orientations. In Randstad Holland the situation is somewhat different. There, for most housing consumers, the functionality and spaciousness of the house matters more than its location. Furthermore, the tangible ȁ8hardȁ9 characteristics have more weight than the intangible ȁ8softȁ9 ones when it comes to evaluating the physical surroundings. The image of the municipality does not matter as much as the neighbourhood factors. The difference is particularly evident for new developments in suburban areas. This has potential implications for the building industry when deciding on the most feasible strategy for production.

What makes a location attractive for the housing consumer? Preliminary findings from metropolitan Helsinki and Randstad Holland using the analytical hierarchy process

Tom Kauko's book comprises an analysis of the locational element in house prices. Locational features can increase or decrease the value of a house compared with a similar one elsewhere. So far, the problem of isolating this element has been well documented in the literatures on spatial housing market modelling and property value modelling. These lines of research usually use the economic equilibrium model as theoretical umbrella. Kauko's approach extends this conventional model towards involving problematic aspects such as multiple equilibria, institutions and diversified preferences. By doing so, Kauko argues that using one approach only is insufficient, and therefore he applies two different methods for the empirical part of the analysis. The first one is essentially a mass-appraisal approach based on neural network modelling that identifies segments, location, and omitted variables. The second one is a dis-aggregated approach based on multiattribute value tree modelling that encapsulates the behavioural element - perceptions, preferences, price/quality relationships, and agency effects. The results show the strengths and weaknesses of the new methods as tools for a variety of appraisal purposes

Modelling the locational determinants of house prices: neural network and value tree approaches

A comparative study of perceptions concerning the environmental quality of residential real estate in Switzerland based on empirical data collected in three different linguistic regions is presented. Responses by homeowners in the Geneva, Zurich and Lugano areas to questionnaires involving pairwise preference criteria are analysed in the framework of the analytic hierarchy process (AHP). Eight different environmental quality criteria are used and responses are categorised in terms of indicators concerning the personal situation of the homeowner. The results show that environmental preference levels across the three cities are in the 7‐18 per cent range. It appears that perceptions are similar for four of the eight criteria, whereas notable differences exist for the other criteria. Some possible interpretations of these results are given. Finally, possible extensions to this study are discussed, in particular how the approach could be integrated in a more detailed spatial analysis of socio‐economic data in...

Environmental preferences of homeowners: Further evidence using the AHP method

The role of location quality in housing consumption is an increasingly important research objective given the demand‐side considerations stemming from economic and socio‐cultural changes in urban and metropolitan housing market areas. In circumstances involving diversified demand, the consumption pattern comprises a set of different preference profiles. From an operational point of view, such outcome can be generated through ranking location attributes with respect to their relative importance for the house buyer or renter. This procedure may, for example, be based on pair‐wise comparison of attributes based on expert judgements and the analytic hierarchy process (AHP). This study is based on expert elicited residential location quality profiles in the inner city of Budapest, and builds on prior work on housing market analysis reported elsewhere. Here the particular issue, typical for post‐communist circumstances, concerns a mismatch between the range of available product groups and the increasin...

An analysis of housing location attributes in the inner city of Budapest, Hungary, using expert judgements

The aim of this paper is to gain a better understanding of the characteristics related to the environment of single-family houses in the greater Geneva area. An Analytical Hierarchy Process (AHP) methodology is applied to the data collected by means of a questionnaire which was sent to 850 owners of houses in Geneva. The pairwise comparisons are done with eight criteria. For the 28 comparisons, the standard levels of preferences are used, but with a multiplicative scale rather than the standard linear scale. The results show that distance to a green area and quietness of the area are the two most important factors. Another finding is that the proximity of shopping centres and schools is not as important as in other countries.

An Analysis of Perceptions Concerning the Environmental Quality of Housing in Geneva

The aim of the paper is to investigate locational attributes of commercial real estate which are defined in terms of a collection of qualitative appreciations by office users in the Geneva region in Switzerland. The empirical analysis of these environmental quality appreciations was carried out using the Analytic Hierarchy Process (AHP) methodology with data from a questionnaire which was sent to 1,800 users of commercial real estate. The users belong to seven professional categories, thus making it possible to examine inter‐professional differences between the appreciations. Seven criteria, all quantifiable in the framework of a geographic information system, are used to evaluate the quality of the urban environment through a process of pairwise comparisons. Some general preferences concerning four pre‐defined geographic areas are also examined in the perspective of a possible further analysis based on geographic information systems. Although the value spread of the quality perceptions appears to be rather wide, it is still possible to identify with confidence a few dominant criteria for the choice of particular office locations.

Environmental quality perceptions of urban commercial real estate

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An Analysis of Perceptions Concerning the Environmental Quality of Housing in Geneva

Environmental quality perceptions of urban commercial real estate