| 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) |