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Evaluating Commercial Real Estate Using Hedonic Pricing
Present paper is devoted to the assessment of commercial real estate by means of hedonic pricing in the three subjects of the Russian Federation, namely - the Perm region, the Republic of Komi and Udmurtia. There are many studies on the real estate market in the Russian and foreign literature, herewith the range of the issues and problems is very wide. However, the question is still remained sufficiently unexplored regarding commercial real estate valuation on an inactive market due to the lack of necessary data. Based on the data from ads of the free assignment objects for commercial use (office and retail space), production and storage facilities the hedonic model has been estimated, linking market prices of the real estate with the measured characteristics of the object. In addition to the scientific contribution, with the increased attention to the real estate market in Russia, this work may be of interest to a wider audience, including investors and analysts of the real estate market.