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Su m m ary. H edonic of® ce ren t m odels are estim ated using data for Atlan ta that span th e years 1990± 96. Controllin g for typ ical build ing ch aracteri stics and lease term s, we ® nd that variab les m easu ring location al differen ces in w age rates, tran sport rates and proxim ity to con centration s of supp ort services an d of® ce work ers play an im portan t role in exp lain ing spatial variatio n in of® ce rents. N o evid ence is found in support of the hypothesis that tech n ological advan ces in telecom m unication s have dim in ish ed the role played b y face-to -face agglom eration econ om ies in determ ining the in tra-m etrop olitan location of of® ce ® rm s.