Abstract
This study is one of the first to investigate brokerageintermediation effects in the income-producing commercialproperty market. Employing multifamily sales data from theAtlanta and Phoenix markets under alternative brokeragespecifications, little evidence to support the existence ofsystematic, differential transaction pricing outcomes due to thepresence of brokers is found. The results suggest that theexistence of brokerage intermediation effects is likely minimalin commercial markets that are relatively transparent, that haveparticipants who are knowledgeable, and where value and priceare typically determined based on a property's income-generatingcapacity.
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