Price and spatial distribution office rental in Madrid: a decision tree analysis

Camacho, Maximo; Ramallo, Salvador; Ruiz, Manuel

Publication:
Price and spatial distribution office rental in Madrid: a decision tree analysis

dc.contributor.author	Camacho, Maximo
dc.contributor.author	Ramallo, Salvador
dc.contributor.author	Ruiz, Manuel
dc.contributor.department	Métodos Cuantitativos para la Economía y la Empresa
dc.date.accessioned	2024-01-10T12:16:01Z
dc.date.available	2024-01-10T12:16:01Z
dc.date.issued	2021
dc.description	© 2021. The authors. This document is made available under the CC-BY 4.0 license http://creativecommons.org/licenses/by /4.0/ This document is the accepted version of a published work that appeared in final form in Economía	es
dc.description.abstract	In this paper, we assess the drivers of office rental prices in the municipality of Madrid with a sample of 4,721 offices in March, 2020. The estimation was performed using the decision tree approach, which was built with a random forest algorithm. This technique allows us to capture the strong nonlinear component in the relation between price and its drivers, mainly geospatial location. Through a stratified analysis, we find out that the willingness to pay high rent in the center of Madrid is a feature of particular relevance to medium-sized offices. For diferent reasons, we also find out some office clusters located far from the city center with high rent for both large and small offices.	es
dc.format	application/pdf	es
dc.format.extent	22	es
dc.identifier.citation	Economia Vol 44 (Issue 87), pags 20-40
dc.identifier.doi	https://doi.org/10.18800/economia.202101.002
dc.identifier.issn	2304-4306
dc.identifier.uri	http://hdl.handle.net/10201/137144
dc.language	eng	es
dc.publisher	Pontificia Universidad Católica del Perú	es
dc.relation	PID2019-107192 GB-I00; 19884/GERM/15	es
dc.relation.publisherversion	https://revistas.pucp.edu.pe/index.php/economia/article/view/23752	es
dc.relation.replaces	https://www.um.es/econometria/Maximo/articulos/CamRamRuiz.pdf	es
dc.rights	info:eu-repo/semantics/openAccess	es
dc.rights	Atribución 4.0 Internacional	*
dc.rights.uri	http://creativecommons.org/licenses/by/4.0/	*
dc.subject	Spatial economics	es
dc.subject	Random forest	es
dc.subject	Nonlinear econometrics	es
dc.subject	Offices	es
dc.subject.other	CDU::3 - Ciencias sociales	es
dc.title	Price and spatial distribution office rental in Madrid: a decision tree analysis	es
dc.type	info:eu-repo/semantics/article	es
dspace.entity.type	Publication	es