近來的消費者調查與人口統計分析皆指出大眾對於步行及運輸設計發展有日漸增高的需求。這篇論文呈現了在加拿大安大略省中多倫多人口普查都會區辦公室租金的分析。藉由著眼在步行環境、大眾運輸及私人運輸通達性，此篇論文進一步探討了建築物的品質、便捷性及位置對租金造成的影響程度。此篇研究的理論方法學主要是採用特徵價值法，此法常被廣泛應用在解釋房地產的交易價值或租金差異。自2010年起，多倫多人口普查都會區中辦公室市場的橫斷面資料即是由特徵價值法做計算，其法的特色在於使用對數直線型函數並且在SPSS估量中，呈現線型回歸。這篇論文參考2000家以上的租金開價，並顯示出有優越步行環境及大眾、私人運輸便利性的建築物，在租金上明顯高於位置較差的建築物。此篇關於步行環境的發現是對多倫多及加拿大辦公室市場的首篇研究。此外，此篇論文的結論也和美國及歐洲辦公室市場調查的記錄結果一致。

Recent consumer surveys and demographic analyses indicate a growing demand for pedestrian and transit designed development. This thesis presents an analysis of office rents in the Toronto Census Metropolitan Area of Ontario, Canada. The effects of building quality, accessibility, and location are explored with a specific focus on the influences of walkability, public transit and private transit accessibility. The theoretical background of this research is related to the hedonic methodology, which is extensively used for explaining transaction price or rental price variations of real property. Cross sectional data of the Toronto CMA office market from the year 2010 is utilized for the hedonic price estimation. The hedonic price function is specified in the log linear form and is estimated with linear regression in SPSS. The analysis of over 2,000 asking rental rates reveals that buildings with high Walkscores and excellent accessibility to public transit and transportation infrastructure command significantly higher rents as compared to buildings with fewer nearby amenities and accessibility. The walkability findings are the first of their kind for Toronto and Canadian office markets and in line with results documented for the US office market and European office market.

Acknowledgments ii
Abstract iv
List of Tables vi
List of Figures vi
Introduction 1
Background and Motivation 1
Theoretical Framework of Property Value 8
A Brief History of Land Use and Value 8
What is Value? 17
Characteristics and Attributes Determining Office Rent 22
Hedonic Price Models 26
Literature Review 30
Introduction 30
General Overview of Hedonic Office Rent Literature 31
Empirical Studies on Hedonic Price Models of Office Rents 40
Review of Literature on Office Market Research from the TCMA 54
Literature Review Conclusions 63
Toronto Census Metropolitan Area Overview 68
Toronto CMA Profile 68
Toronto Census Metropolitan Area Office Market Summary 81
Size 81
Geography 82
History 84
Office Market Accessibility 89
Analysis of Office Rent in the Toronto Census Metropolitan Area 90
Introduction 90
The Data 91
Model Specification 94
Hypotheses and Comments on the Expected Signs of the Coefficients 105
Model Estimation 107
Estimation Results of Model 1 – TCMA 108
Estimation Results of Model 2 – City of Toronto 112
Evaluation of Model 1 and Model 2 115
Summary and Conclusions 118
References 122
Appendix A – List of Variables Identified by Pekdemir (2006) 128

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