A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Tall Building and Land Values: Height and Construction Cost Elasticities in Chicago, 1870 - 2010
Cities around the world are experiencing unprecedented vertical growth. Yet, the economics of skyscrapers remain empirically understudied. This paper analyzes the determinants of the urban height profile by combining a micro-geographic data set on tall buildings with a unique panel of land prices covering 140 years. We provide novel estimates of the land price elasticity of height, the height elasticity of construction cost, and the elasticity of substitution between land and capital for tall buildings. In line with improvements in construction technology, the land price elasticity of height increased substantially over time, rationalizing a trend to ever taller buildings. The land price elasticity of height is larger for commercial than for residential buildings, suggesting that the typical segregation of land uses within cities is not exclusively shaped by the demand side, but also by the supply side.
Tall Building and Land Values: Height and Construction Cost Elasticities in Chicago, 1870 - 2010
Cities around the world are experiencing unprecedented vertical growth. Yet, the economics of skyscrapers remain empirically understudied. This paper analyzes the determinants of the urban height profile by combining a micro-geographic data set on tall buildings with a unique panel of land prices covering 140 years. We provide novel estimates of the land price elasticity of height, the height elasticity of construction cost, and the elasticity of substitution between land and capital for tall buildings. In line with improvements in construction technology, the land price elasticity of height increased substantially over time, rationalizing a trend to ever taller buildings. The land price elasticity of height is larger for commercial than for residential buildings, suggesting that the typical segregation of land uses within cities is not exclusively shaped by the demand side, but also by the supply side.
Tall Building and Land Values: Height and Construction Cost Elasticities in Chicago, 1870 - 2010
Ahlfeldt, Gabriel (author) / McMillen, Daniel (author)
2017-01-01
RePec:ces:ceswps:_6730
Paper
Electronic Resource
English
ddc:330 , R20 , land value , skyscraper , R30 , height , Chicago , density , construction cost
Construction cost and building height
| British Library Online Contents | 1999
Construction cost and building height
| Taylor & Francis Verlag | 1999
Engineering Index Backfile | 1891