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The existence of office submarkets in cities

Analysis of local office markets to date has normally assumed a unitary market which implies that the prices of office attributes remain spatially constant across the entire market. This paper challenges that basic presumption, and its objective is to test for the existence of office market segmentation. It draws on the housing literature on submarkets, and discusses the potential reasons for their occurrence in the office market. An empirical study to test for submarkets is undertaken for Glasgow city centre as a typical UK provincial city. Submarkets are defined and tested using both a priori and statistical methods. The empirical analysis applies established statistical tests, based on hedonic regression models derived from housing research, to rental and characteristics data for individual offices let over two years. It is concluded from this study that the Glasgow office market consists of a set of submarkets. A priori submarket definitions based upon real estate agents' views of the office market provide the best segmentation scheme. It seems likely that similar submarkets exist within other major cities. This analysis also provides a potential method for defining property submarket areas, thereby enabling more meaningful local property market analysis to be undertaken.