| Panel A | Local Sellers | Nonlocal Sellers | ||||||||||
| Full sample | Represented | Unrepresented† | Full sample | Represented | Unrepresented† | |||||||
| Observations | 11,540 | 4053 | 4053 | 5456 | 1581 | 1581 | ||||||
| Variable | Mean | (Std dev) | Mean | (Std dev) | Mean | (Std dev) | Mean | (Std dev) | Mean | (Std dev) | Mean | (Std dev) |
| Sale price ($/SF) | 147 | (124) | 148 | (119) | 151 | (129) | 141 | (119) | 148 | (120) | 151 | (129) |
| Land area (SF) | 112,937 | (1,619,026) | 92,792 | (266,899) | 169,364 | (2,714,743) | 156,631 | (350,495) | 149,793 | (241,252) | 167,219 | (309,256) |
| Size (SF) | 39,566 | (122,076) | 40,422 | (133,067) | 43,862 | (128,947) | 79,324 | (145,773) | 75,786 | (129,097) | 92,317 | (173,109) |
| Age (years) | 39 | (32) | 39 | (32) | 38 | (31) | 30 | (26) | 31 | (26) | 31 | (27) |
| Class A | 0.08 | (0.3) | 0.08 | (0.3) | 0.09 | (0.3) | 0.20 | (0.4) | 0.20 | (0.4) | 0.21 | (0.4) |
| Class B | 0.46 | (0.5) | 0.46 | (0.5) | 0.47 | (0.5) | 0.52 | (0.5) | 0.51 | (0.5) | 0.50 | (0.5) |
| Class C | 0.46 | (0.5) | 0.46 | (0.5) | 0.44 | (0.5) | 0.27 | (0.5) | 0.29 | (0.5) | 0.29 | (0.5) |
| Multi-tenant | 0.71 | (0.5) | 0.72 | (0.5) | 0.73 | (0.4) | 0.77 | (0.4) | 0.76 | (0.4) | 0.77 | (0.4) |
| Market time | 376 | (374) | 380 | (366) | 379 | (419) | 287 | (318) | 308 | (336) | 243 | (279) |
| Buyer rep | 0.35 | (0.5) | 0.48 | (1) | 0.08 | (0) | 0.35 | (0.5) | 0.43 | (0.5) | 0.09 | (0.3) |
| Seller rep | 0.65 | (0.5) | 1 | (0) | 0 | (0) | 0.71 | (0.5) | 1 | (0) | 0 | (0) |
| Same rep | 0.12 | (0.3) | 0.18 | (0.4) | 0 | (0) | 0.13 | (0.3) | 0.17 | (0.4) | 0 | (0) |
| Nonlocal | 0 | (0) | 0 | (0) | 0 | (0) | 1 | (0) | 1 | (0) | 1 | (0) |
| Panel B | Represented Sellers | Unrepresented Sellers | ||||||||||
| Full sample | Nonlocal | Local† | Full sample | Nonlocal | Local† | |||||||
| Observations: | 11,362 | 3875 | 3875 | 5634 | 1581 | 1581 | ||||||
| Variable | Mean | (Std dev) | Mean | (Std dev) | Mean | (Std dev) | Mean | (Std dev) | Mean | (Std dev) | Mean | (Std dev) |
| Sale price ($/SF) | 142 | (119) | 137 | (114) | 151 | (121) | 151 | (129) | 151 | (129) | 151 | (123) |
| Land area (SF) | 106,237 | (280,731) | 152,311 | (365,938) | 117,277 | (285,215) | 168,762 | (2,308,286) | 167,219 | (309,256) | 196,450 | (1,199,055) |
| Size (SF) | 49,785 | (124,508) | 74,023 | (132,677) | 57,608 | (153,733) | 57,459 | (144,361) | 92,317 | (173,109) | 73,317 | (178,073) |
| Age (years) | 36 | (30) | 30 | (25) | 33 | (28) | 36 | (30) | 31 | (27) | 34 | (29) |
| Class A | 0.12 | (0.3) | 0.20 | (0.4) | 0.13 | (0.3) | 0.12 | (0.3) | 0.21 | (0.4) | 0.16 | (0.4) |
| Class B | 0.48 | (0.5) | 0.53 | (0.5) | 0.52 | (0.5) | 0.48 | (0.5) | 0.50 | (0.5) | 0.51 | (0.5) |
| Class C | 0.40 | (0.5) | 0.27 | (0.4) | 0.35 | (0.5) | 0.40 | (0.5) | 0.29 | (0.5) | 0.34 | (0.5) |
| Multi-tenant | 0.72 | (0.5) | 0.77 | (0.4) | 0.73 | (0.4) | 0.74 | (0.4) | 0.77 | (0.4) | 0.77 | (0.4) |
| Market time | 348 | (355) | 290 | (320) | 342 | (350) | 345 | (394) | 243 | (279) | 362 | (466) |
| Buyer rep | 0.49 | (0.5) | 0.46 | (0.5) | 0.50 | (0.5) | 0.08 | (0.3) | 0.09 | (0.3) | 0.08 | (0.3) |
| Seller rep | 1 | (0) | 1 | (0) | 1 | (0) | 0 | (0) | 0 | (0) | 0 | (0) |
| Same rep | 0.18 | (0.4) | 0.18 | (0.4) | 0.19 | (0.4) | 0 | (0) | 0 | (0) | 0 | (0) |
| Nonlocal | 0.34 | (0.5) | 1 | (0) | 0 | (0) | 0.28 | (0.5) | 1 | (0) | 0 | (0) |