Panel A. Purchases

Local Buyers

Nonlocal Buyers

Represented

Unrepresented

Dependent

Buyer rep

Buyer rep

Nonlocal buyer

Nonlocal buyer

Variable

Coefficient

(Wald Χ2)

Coefficient

(Wald Χ2)

Coefficient

(Wald Χ2)

Coefficient

(Wald Χ2)

Constant

−0.629

**

(5.7)

0.264

(0.5)

−2.640

***

(39.1)

−2.850

***

(123.7)

ln(Land area)

0.004

(0.1)

0.017

(0.5)

0.061

**

(5.8)

0.047

***

(9.0)

ln(Size)

0.041

**

(6.0)

−0.030

(1.5)

0.213

***

(46.9)

0.177

***

(92.5)

ln(Age)

−0.039

**

(5.3)

−0.060

*

(3.7)

−0.070

**

(5.2)

0.019

(0.9)

Class A

−0.227

***

(9.8)

−0.170

(2.6)

0.016

(0.0)

0.042

(0.4)

Class B

0.077

**

(6.0)

0.029

(0.2)

0.010

(0.0)

0.030

(0.5)

Multi-tenant

−0.060

**

(4.2)

0.038

(0.4)

−0.080

(1.9)

−0.100

***

(7.2)

Buyer type

22 indicators

22 indicators

21 indicators

23 indicators

Calendar year

17 indicators

14 indicators

11 indicators

16 indicators

Sale conditions

231 indicators

143 indicators

161 indicators

216 indicators

Market

135 indicators

126 indicators

137 indicators

136 indicators

Pseudo-R2

13.6%

25.5%

32.6%

37.4%

Observations

12,103

5,054

5,821

11,336

Panel B. Sales

Local Sellers

Nonlocal Sellers

Represented

Unrepresented

Dependent

Seller rep

Seller rep

Nonlocal seller

Nonlocal seller

Variable

Coefficient

(Wald Χ2)

Coefficient

(Wald Χ2)

Coefficient

(Wald Χ2)

Coefficient

(Wald Χ2)

Constant

0.362

(1.7)

1.158

***

(10.7)

−2.634

***

(70.9)

1.158

***

(44.0)

ln(Land area)

−0.049

***

(12.7)

−0.006

(0.1)

0.073

***

(23.0)

−0.006

(0.1)

ln(Size)

−0.050

***

(8.9)

−0.065

***

(6.8)

0.151

***

(68.2)

−0.065

***

(52.4)

ln(Age)

0.016

(0.9)

0.010

(0.1)

0.086

***

(21.9)

0.010

**

(4.5)

Class A

0.190

***

(7.3)

0.273

***

(8.7)

0.091

(1.8)

0.273

(0.0)

Class B

0.026

(0.6)

0.102

*

(2.9)

0.073

*

(3.5)

0.102

(0.1)

Multi-tenant

−0.059

*

(3.7)

−0.024

(0.2)

−0.072

**

(4.3)

−0.024

**

(5.3)

Seller type

23 indicators

22 indicators

21 indicators

23 indicators

Calendar year

14 indicators

16 indicators

11 indicators

16 indicators

Sale conditions

222 indicators

172 indicators

220 indicators

162 indicators

Market

134 indicators

128 indicators

136 indicators

129 indicators

Pseudo-R2

13.8%

20.5%

28.5%

29.3%

Observations

11,540

5456

11,362

5634