Abstract
In this study, the authors examine the sale and rent prices for units in the 10 tallest for-sale and for-rent residential buildings in Chicago. Statistical regression techniques are used to determine the relationship between height and sale price or rental price. Within individual for-sale buildings, correlations between height and sale price are generally positive with varying magnitude. Within individual for-rent buildings, correction between height in rental price is also positive. Considering each sample cumulatively and controlling for year of construction, each additional floor of height adds US$2.05 per square foot ($22.06 per square meter) to unit sale price and US$0.014 per square foot ($0.1506 per square meter) to unit rental price. This suggests a linear economic premium for height, which is greater in for-sale than for-rent projects in Chicago. This information is useful in preventing environmentally costly overbuilding, and in understanding the morphology of the skyline.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 28-35 |
| Number of pages | 8 |
| Journal | CTBUH Journal |
| Volume | 2022 |
| Issue number | 2 |
| State | Published - 2022 |
Keywords
- Construction
- Economics
- Height
- Leasing
ASJC Scopus subject areas
- Architecture
- Building and Construction
- Urban Studies