ABSTRACT
The relative rental values of different buildings which are substitutes in that they are used by the same type of occupier. The special accessibility of a property is different for different users. The order of preference between locations differs for various classes of user even though all place some value on general accessibility. Rent levels in certain central areas are markedly higher than the rents of comparable accommodation elsewhere near the centre. This use and rent pattern will cause the nature of the new buildings put up to vary according to the degree of accessibility. In general, areas where rents are particularly high show a greater building density and have higher site values than the rest of the town. A belt of low site values may separate two areas of high site values, even when there is no great difference in general accessibility. However, an equilibrium analysis in general terms contribute some understanding, given the existing standing stock of buildings.
