Panel A

Local Buyers

Nonlocal Buyers

Full sample

Represented

Unrepresented^†

Full sample

Represented

Unrepresented^†

Observations

12,103

4512

4512

5054

1309

1309

Variable

Mean

(Std dev)

Mean

(Std dev)

Mean

(Std dev)

Mean

(Std dev)

Mean

(Std dev)

Mean

(Std dev)

Sale price ($/SF)

140

(122)

144

(120)

138

(122)

168

(132)

170

(133)

182

(143)

Land area (SF)

87,382

(379,183)

77,505

(185,781)

78,054

(214,476)

193,458

(523,516)

150,690

(261,126)

171,540

(320,831)

Size (SF)

33,930

(102,854)

26,135

(66,099)

30,628

(95,586)

97,639

(176,333)

66,752

(132,351)

82,396

(145,767)

Age (years)

39

(31)

38

(30)

40

(31)

27

(24)

26

(21)

28

(26)

Class A

0.06

(0.2)

0.04

(0.2)

0.04

(0.2)

0.25

(0.4)

0.16

(0.4)

0.18

(0.4)

Class B

0.46

(0.5)

0.50

(0.5)

0.48

(0.5)

0.54

(0.5)

0.62

(0.5)

0.60

(0.5)

Class C

0.48

(0.5)

0.46

(0.5)

0.48

(0.5)

0.21

(0.4)

0.22

(0.4)

0.22

(0.4)

Multi-tenant

0.70

(0.5)

0.69

(0.5)

0.69

(0.5)

0.80

(0.4)

0.78

(0.4)

0.79

(0.4)

Market time

382

(379)

386

(376)

386

(392)

252

(290)

281

(304)

245

(283)

Buyer rep

0.37

(0.5)

1

(0)

0

(0)

0.26

(0.4)

1

(0)

0

(0)

Seller rep

0.64

(0.5)

0.92

(0.3)

0.51

(0.5)

0.61

(0.5)

0.91

(0.3)

0.60

(0.5)

Same rep

0.12

(0.3)

0.33

(0.5)

0

(0)

0.11

(0.3)

0.42

(0.5)

0

(0)

Nonlocal

0

(0)

0

(0)

0

(0)

1

(0)

1

(0)

1

(0)

Panel B

Represented Buyers

Unrepresented Buyers

Full sample

Nonlocal

Local^†

Full sample

Nonlocal

Local^†

Observations

5821

1309

1309

11,336

3745

3745

Variable

Mean

(Std dev)

Mean

(Std dev)

Mean

(Std dev)

Mean

(Std dev)

Mean

(Std dev)

Mean

(Std dev)

Sale price ($/SF)

150

(124)

170

(133)

153

(120)

147

(126)

167

(132)

141

(124)

Land area (SF)

93,962

(207,388)

150,690

(261,126)

129,059

(253,407)

131,296

(506,624)

208,407

(587,543)

136,281

(618,932)

Size (SF)

35,269

(87,239)

66,752

(132,351)

48,743

(92,339)

61,646

(149,293)

108,435

(188,134)

59,530

(142,737)

Age (years)

35

(29)

26

(21)

28

(22)

36

(30)

27

(25)

34

(28)

Class A

0.07

(0.3)

0.16

(0.4)

0.10

(0.3)

0.14

(0.4)

0.28

(0.5)

0.13

(0.3)

Class B

0.53

(0.5)

0.62

(0.5)

0.63

(0.5)

0.46

(0.5)

0.52

(0.5)

0.52

(0.5)

Class C

0.40

(0.5)

0.22

(0.4)

0.27

(0.4)

0.39

(0.5)

0.20

(0.4)

0.35

(0.5)

Multi-tenant

0.71

(0.5)

0.78

(0.4)

0.78

(0.4)

0.74

(0.4)

0.81

(0.4)

0.77

(0.4)

Market time

364

(365)

281

(304)

350

(380)

252

(290)

281

(304)

353

(381)

Buyer rep

1

(0)

1

(0)

1

(0)

0

(0)

0

(0)

0

(0)

Seller rep

0.92

(0.3)

0.91

(0.3)

0.89

(0.3)

0.48

(0.5)

0.51

(0.5)

0.46

(0.5)

Same rep

0.35

(0.5)

0.42

(0.5)

0.36

(0.5)

0

(0)

0

(0)

0

(0)

Nonlocal

0.22

(0.4)

1

(0)

0

(0)

0.33

(0.5)

1

(0)

0

(0)