Recognition of the existence of nonlinear land prices has an impact on the measurement of the rate at which land price declines with distance from the urban center. It is hypothesized that concave parcel prices have given rise to overly large estimates of the rate of price decline with distance,...

Conventional wisdom holds that overbuilding and high vacancy, coupled with curtailed tax benefits, have led to reduced office property values since the late 1980s. Yet assertions that office real estate values fell between the mid-1980s and mid-1990s are not supported everywhere by convincing...