Office market adjustment to alternative workplace strategies
Regional CGE models have been a valuable tool for regional development and regional policy analysis and can have valuable applications in real estate analysis as well. This paper describes the Colorado Real Estate (CO-RE) Computable General Equilibrium (CGE) model and its application to the analysis...
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| Format: | Article |
| Language: | English |
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Mehmet Topcu
2024-12-01
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| Series: | Journal of Design for Resilience in Architecture and Planning |
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| Online Access: | https://drarch.org/index.php/drarch/article/view/261 |
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| _version_ | 1846099597961723904 |
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| author | Christopher Hannum |
| author_facet | Christopher Hannum |
| author_sort | Christopher Hannum |
| collection | DOAJ |
| description | Regional CGE models have been a valuable tool for regional development and regional policy analysis and can have valuable applications in real estate analysis as well. This paper describes the Colorado Real Estate (CO-RE) Computable General Equilibrium (CGE) model and its application to the analysis of the impacts of alternative workplace strategies (AWS) such as office hoteling on regional property markets and the regional economy. AWS, modeled as a productivity-enhancing “technological” improvement that reduces firms’ office space requirements, is shown to spur investment in non-office sectors through a positive impact on local economic growth. The impact on local government finances may be negative due to falling office property values. The impact of a sudden, permanent drop in underlying demand for office space by office-using sectors includes dramatic if sluggish decreases in rents and increases in office vacancy. |
| format | Article |
| id | doaj-art-99522b565b88497eb6b99a0ec8b1a09c |
| institution | Kabale University |
| issn | 2757-6329 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Mehmet Topcu |
| record_format | Article |
| series | Journal of Design for Resilience in Architecture and Planning |
| spelling | doaj-art-99522b565b88497eb6b99a0ec8b1a09c2024-12-31T11:44:01ZengMehmet TopcuJournal of Design for Resilience in Architecture and Planning2757-63292024-12-015(Special Issue)011710.47818/DRArch.2024.v5si146264Office market adjustment to alternative workplace strategiesChristopher Hannum0https://orcid.org/0000-0001-8298-4725University of Central AsiaRegional CGE models have been a valuable tool for regional development and regional policy analysis and can have valuable applications in real estate analysis as well. This paper describes the Colorado Real Estate (CO-RE) Computable General Equilibrium (CGE) model and its application to the analysis of the impacts of alternative workplace strategies (AWS) such as office hoteling on regional property markets and the regional economy. AWS, modeled as a productivity-enhancing “technological” improvement that reduces firms’ office space requirements, is shown to spur investment in non-office sectors through a positive impact on local economic growth. The impact on local government finances may be negative due to falling office property values. The impact of a sudden, permanent drop in underlying demand for office space by office-using sectors includes dramatic if sluggish decreases in rents and increases in office vacancy.https://drarch.org/index.php/drarch/article/view/261office marketreal estatecomputable general equilibriumremote workalternative workplace strategies |
| spellingShingle | Christopher Hannum Office market adjustment to alternative workplace strategies Journal of Design for Resilience in Architecture and Planning office market real estate computable general equilibrium remote work alternative workplace strategies |
| title | Office market adjustment to alternative workplace strategies |
| title_full | Office market adjustment to alternative workplace strategies |
| title_fullStr | Office market adjustment to alternative workplace strategies |
| title_full_unstemmed | Office market adjustment to alternative workplace strategies |
| title_short | Office market adjustment to alternative workplace strategies |
| title_sort | office market adjustment to alternative workplace strategies |
| topic | office market real estate computable general equilibrium remote work alternative workplace strategies |
| url | https://drarch.org/index.php/drarch/article/view/261 |
| work_keys_str_mv | AT christopherhannum officemarketadjustmenttoalternativeworkplacestrategies |