“…Undertaking the valuation of DIRE is therefore a decidedly challenging exercise, not least when the market is sluggish with a paucity of transactions, or when special-purpose properties of rare structural features and functionality are concerned. Nonetheless, numerous studies have been conducted to explore the determinants of pricing with respect to the price and rent of DIRE at the property level, with the majority of research endeavours centred around how they can be explained by property attributes such as building age and structural design [1,2], proximity to labour market, accessibility or distance to infrastructure and economic centres [3][4][5], and industrial agglomeration [1,3,6]. As far as property valuation is concerned, the price-to-rent ratio has frequently been employed by real estate practitioners, traders, and policy makers to assess whether a given property market is overheated by, for instance, comparing the ratios cross-sectionally and contemporaneously with other similar markets, or temporally with the historical trends of the subject market [7] In the context of residential real estate, a significant deviation of the price-to-rent ratio from its long-term historical trends usually signals a decline in housing affordability or excessive speculative activity within the market, and a consequent mean reversion to its equilibrium value would likely occur.…”