Table 3. Estimated spatial externalities...

Table 3.

Estimated spatial externalities by duration of vacancies and coverage area

Model number	Periods of vacancy	Distance-decay function	(I) L = 0		(II) L ≦ 100		(III) L ≦ 500
Model number	Periods of vacancy	Distance-decay function	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.
1–5	All the vacancies	Inverse	−0.067	0.033*	0.069	0.069	0.043	0.296
1–5	All the vacancies	Inverse squared	−0.067	0.033*	0.044	0.059	0.012	0.101
6–10	1 month+	Inverse	−0.057	0.035	0.114	0.082	0.218	0.389
6–10	1 month+	Inverse squared	−0.057	0.035	0.095	0.073	0.069	0.136
11–15	2 months+	Inverse	−0.078	0.037*	0.126	0.110	0.151	0.481
11–15	2 months+	Inverse squared	−0.078	0.037*	0.114	0.092	0.118	0.162
16–20	3 months+	Inverse	−0.093	0.042*	0.160	0.133	0.285	0.567
16–20	3 months+	Inverse squared	−0.093	0.042*	0.149	0.116	0.188	0.214
21–25	4 months+	Inverse	−0.111	0.047*	0.185	0.155	0.305	0.616
21–25	4 months+	Inverse squared	−0.111	0.047*	0.150	0.131	0.173	0.231
26–30	5 months+	Inverse	−0.102	0.053†	0.177	0.161	0.567	0.675
26–30	5 months+	Inverse squared	−0.102	0.053†	0.140	0.139	0.172	0.248
31–35	6 months+	Inverse	−0.110	0.056*	0.097	0.188	0.374	0.778
31–35	6 months+	Inverse squared	−0.110	0.056*	0.114	0.162	0.174	0.281
36–40	7 months+	Inverse	−0.148	0.060*	0.165	0.213	1.036	0.874
36–40	7 months+	Inverse squared	−0.148	0.060*	0.212	0.184	0.405	0.312
41–45	8 months+	Inverse	−0.164	0.063**	0.048	0.233	−0.656	1.006
41–45	8 months+	Inverse squared	−0.164	0.063**	0.133	0.200	0.110	0.369
46–50	9 months+	Inverse	−0.179	0.066**	0.120	0.288	0.311	1.106
46–50	9 months+	Inverse squared	−0.179	0.066**	0.288	0.212	0.413	0.367
51–55	10 months+	Inverse	−0.193	0.068**	0.223	0.317	1.117	1.171
51–55	10 months+	Inverse squared	−0.193	0.068**	0.357	0.229	0.559	0.393
56–60	11 months+	Inverse	−0.214	0.074**	2.342	1.572	7.125	5.811
56–60	11 months+	Inverse squared	−0.214	0.074**	2.888	1.729	4.390	3.446
Obs.			3,627

Model number	Periods of vacancy	Distance-decay function	(I) L = 0		(II) L ≦ 100		(III) L ≦ 500
Model number	Periods of vacancy	Distance-decay function	Coef.	Std. Err.	Coef.	Std. Err.	Coef.	Std. Err.
1–5	All the vacancies	Inverse	−0.067	0.033*	0.069	0.069	0.043	0.296
1–5	All the vacancies	Inverse squared	−0.067	0.033*	0.044	0.059	0.012	0.101
6–10	1 month+	Inverse	−0.057	0.035	0.114	0.082	0.218	0.389
6–10	1 month+	Inverse squared	−0.057	0.035	0.095	0.073	0.069	0.136
11–15	2 months+	Inverse	−0.078	0.037*	0.126	0.110	0.151	0.481
11–15	2 months+	Inverse squared	−0.078	0.037*	0.114	0.092	0.118	0.162
16–20	3 months+	Inverse	−0.093	0.042*	0.160	0.133	0.285	0.567
16–20	3 months+	Inverse squared	−0.093	0.042*	0.149	0.116	0.188	0.214
21–25	4 months+	Inverse	−0.111	0.047*	0.185	0.155	0.305	0.616
21–25	4 months+	Inverse squared	−0.111	0.047*	0.150	0.131	0.173	0.231
26–30	5 months+	Inverse	−0.102	0.053†	0.177	0.161	0.567	0.675
26–30	5 months+	Inverse squared	−0.102	0.053†	0.140	0.139	0.172	0.248
31–35	6 months+	Inverse	−0.110	0.056*	0.097	0.188	0.374	0.778
31–35	6 months+	Inverse squared	−0.110	0.056*	0.114	0.162	0.174	0.281
36–40	7 months+	Inverse	−0.148	0.060*	0.165	0.213	1.036	0.874
36–40	7 months+	Inverse squared	−0.148	0.060*	0.212	0.184	0.405	0.312
41–45	8 months+	Inverse	−0.164	0.063**	0.048	0.233	−0.656	1.006
41–45	8 months+	Inverse squared	−0.164	0.063**	0.133	0.200	0.110	0.369
46–50	9 months+	Inverse	−0.179	0.066**	0.120	0.288	0.311	1.106
46–50	9 months+	Inverse squared	−0.179	0.066**	0.288	0.212	0.413	0.367
51–55	10 months+	Inverse	−0.193	0.068**	0.223	0.317	1.117	1.171
51–55	10 months+	Inverse squared	−0.193	0.068**	0.357	0.229	0.559	0.393
56–60	11 months+	Inverse	−0.214	0.074**	2.342	1.572	7.125	5.811
56–60	11 months+	Inverse squared	−0.214	0.074**	2.888	1.729	4.390	3.446
Obs.			3,627

Notes: Statistical significance levels: ***0.1%; **1%; *5%; †10%. The response variable is ln(monthly rent). The independent variables are ln(floor area), ln(building age), ln(number of stories), ln(total number of apartment units), floor plans, ln(distance to the nearest station), and ln(distance to the Tokyo CBD). Standard errors are clustered by building unit

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