Abstract
This paper applies the hedonic method to analysis the office transaction prices for central Paris and its immediate suburbs. We concentrate on the market's two main business districts (the CBD and La Défense). The aim of the paper is to examine the impact of the property markets' spatial and real estate characteristics on office transaction prices, and to compare price cycles, in order to see whether these two business districts differ from the overall office market comprised of Paris and its immediate suburbs over the 1991–2005 study period. Finally, we propose a new hedonic price index for the Paris office property market.
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