Chicago's Office Market: Price Indices, Location and Time

Conventional wisdom holds that overbuilding and high vacancy, coupled with curtailed tax benefits, have led to reduced office property values since the late 1980s. Yet assertions that office real estate values fell between the mid-1980s and mid-1990s are not supported everywhere by convincing evidence. This study offers a hedonic analysis of Chicago area office properties that sold from 1986 through 1993. Whereas earlier office market studies generally have been based on rents, this study focuses on variation in actual sale prices (although the prices were not adjusted for financing differences). The transaction-based index estimated here does not support the existence of a nominal office property price level decline beginning in the mid-to-late 1980s. In fact, the results show an upward trend in office property values after 1986, with nominal declines in office market price levels occurring only in the latter portion of the study period. Copyright American Real Estate and Urban Economics Association.

The Dawn Framing Camera

The Framing Camera (FC) is the German contribution to the Dawn mission. The camera will map 4 Vesta and 1 Ceres through a clear filter and 7 band-pass filters covering the wavelengths from the visible to the near-IR. The camera will allow the determination of the physical parameters of the asteroids, the reconstruction of their global shape as well as local topography and surface geomorphology, and provide information on composition via surface reflectance characteristics. The camera will also serve for orbit navigation. The resolution of the Framing Camera will be up to 12 m per pixel in low altitude mapping orbit at Vesta (62 m per pixel at Ceres), at an angular resolution of 93.7 �¼radâ��pxâ��1. The instrument uses a reclosable front door to protect the optical system and a filter-wheel mechanism to select the band-pass for observation. The detector data is read out and processed by a data processing unit. A power converter unit supplies all required power rails for operation and thermal maintenance. For redundancy reasons, two identical cameras were provided, both located side by side on the +Z-deck of the spacecraft. Each camera has a mass of 5.5 kg