Remi Jedwab (George Washington University)
Jason Barr (Rutgers University-Newark)
Abstract: Despite the widespread prevalence and economic importance of tall buildings, little is known about how their patterns vary across space and time. We focus on vertical real estate, aiming to quantify differences across major world regions over time (1950-2020). To do so, we exploit a novel database on the location, height (above 55 meters), and year of construction of nearly all tall buildings in the world. We propose a new methodology to estimate the extent to which some world regions build up more than others given similar economic and geographic conditions, city size distributions, and other features. Our analyses reveal that many skylines may visually appear more prominent than they really are once one includes all tall buildings and core controls, which alters how regions are ranked in terms of tall building stocks. Using results by city size, centrality, height of buildings, and building function, we classify world regions into different groups, finding that international tall building stocks are driven by mostly boring skylines of residential high-rises, and to a lesser extent exciting skylines of skyscrapers and office supertall towers. Finally, land-use regulations and preferences, not historical preservation nor dispersed ownership, likely account for most observed differences.
JEL Codes: R14; R30; R38; R31; R33
Key Words: Buildings Heights; Skyscrapers; Global Real Estate; Housing Supply