The economic value of office clusters - An analysis of assessed property values, regional form, and land use mix in King County, Washington

Abstract

This study seeks to provide supportive information for the planning of existing or new employment centers in metropolitan regions. It examines how the spatial concentration of office uses and their combination with other land uses affects the assessed value of office properties. The goal is to measure the spatial clustering of office uses and the clusters' physical characteristics to quantify their association with office property values. The characteristics of interest include cluster size, regional location and relationship to transportation infrastructure, internal land use mix, and transportation network. The study revealed that recent office development has continued to benefit economically from agglomeration. Office property values seemed to be most positively affected by, in order of importance, the intensity of office development, a central regional location, and the clustering or agglomeration of office parcels.