ABSTRACT

This article examines the U.S. market for Medical Office Buildings (MOB), a segment of the office market that has received little attention in the academic literature. Our attention is directed towards the impact of Certificate-of-Need (CON), a set of state level distortionary public laws that regulate health services planning. With respect to real estate, we find CON regulations increase rents and sales prices medical office building (MOB) rental rates. What makes these findings particularly interesting is that none of the states that currently have CON legislation in place have any language restricting MOB development. The empirical findings suggest that there is a supply constraint due to CON that has a distortionary effect on the MOB market.

摘要

本文研究了美国的医疗办公楼市场（MOB），这是办公楼市场的一部分，在学术文献中很少受到关注。我们的注意力集中在需要证明（CON）的影响上，这是一套规范卫生服务计划的州级扭曲公共法律。对于房地产，我们发现CON法规提高了医疗办公楼（MOB）的租金和销售价格。使这些发现特别有趣的是，目前没有实施CON立法的州都没有任何语言可以限制MOB的发展。实证结果表明，由于CON的存在，对MOB市场产生了扭曲效应的供应约束。