This study examines the impacts of spatial and time-related variables on the price of industrially zoned acreage in a suburban submarket of the Detroit, Michigan, SMSA. First, a variant of the hedonic pricing model (HPM) is estimated which measures spatial and temporal explanatory variables separately. Second, another variant of the HPM is estimated which combines the measurement of one dimension of location and one dimension of time into a single explanatory variable (the ratio of distance to time).
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