rss_2.0Real Estate Management and Valuation FeedSciendo RSS Feed for Real Estate Management and Valuationhttps://sciendo.com/journal/REMAVhttps://www.sciendo.comReal Estate Management and Valuation Feedhttps://sciendo-parsed.s3.eu-central-1.amazonaws.com/64735ee54e662f30ba53bbd7/cover-image.jpghttps://sciendo.com/journal/REMAV140216Exploring Public Interest in Limited-Use Areas and Compensation from Airports in Poland: A Google Trends Analysishttps://sciendo.com/article/10.2478/remav-2024-0025<abstract> <title style='display:none'>Abstract</title> <p>This article evaluates online social behavior regarding the establishment of limited-use areas (LUAs) around the airports in Warsaw and Gdansk. The study relied mainly on an analysis of Google Trends statistics, in particular the dynamics of keyword searches. The article suggests that assessments of online behavior can provide a deeper understanding of social behavior. The study involved an OLS regression analysis and a causal impact analysis of the intervention based on a Bayesian structural time-series model. This article analyses different phases of an information society's activity, from the introduction of LUAs around airports to the deadline for submitting compensation claims. The results indicate that the number of searches for the keyword "compensation" increased significantly after the introduction of LUAs and that RSV decreased after the end of the compensation process, which confirms that the intervention significantly influenced the analyzed time series.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00252024-03-23T00:00:00.000+00:00Price Model for Transit-Oriented Developments in Kuala Lumpur, Malaysiahttps://sciendo.com/article/10.2478/remav-2024-0022<abstract> <title style='display:none'>Abstract</title> <p>The idea of Transit Oriented Development (TOD) was to foster urban development around railway networks and has been strategically built and applied since the late 19th and early 20th centuries. Previous studies reported positive, negative, or irrelevant impact of TOD on prices of surrounding real estate. The study aims to evaluate the impact of TOD on property prices in Kuala Lumpur. It utilizes secondary data obtained from the National Property Information Centre (NAPIC), Malaysia, after data cleaning, Nine Thousand Five Hundred and Forty-Nine (9549) Housing Transactions between the periods 2009 and 2018 were used. The research design was quantitative, and the Hedonic Price Model (log-log model) was used for data analysis. The model revealed a multiple correlation coefficient (R) of 0.891 and an adjusted R2 value of 0.794, indicating that 79.4% of the house price variation is explained by the model. The F value of 996.921, which is statistically significant, indicates that the predictors significantly combine to predict the price of TOD areas in Kuala Lumpur. The coefficient for LnTrainsta is 0.056, indicating that there was a positive relationship between residential house prices and TOD in Kuala Lumpur; this explains that house prices increase by 5.6% for every 100 meter closer to the rail transit station.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00222024-03-23T00:00:00.000+00:00Transforming Megacities: Value and Impacts of Mixed-Use Developments with Multi-Criteria Decision-Makinghttps://sciendo.com/article/10.2478/remav-2024-0020<abstract> <title style='display:none'>Abstract</title> <p>This research article explores the valuation of mixed-use developments and their impact on urban planning and city regeneration. The study introduces a Multi-Criteria Decision Making (MCDM) methodology to analyze complex buildings developed in Shanghai from 2009 to 2019. Two MCDM appraisals are offered in different developments using three groups of key indicators that served as benchmarks for other Chinese clusters and global megacities. The article addresses two primary research questions: how mixed-use assets can be assessed using MCDM, and what the key performance indicators and factors contributing to the success of mixed-use developments are. The findings highlight the importance of connectivity, previous real estate experience, ESG strategies, international branding, architectural design, financial metrics, and adaptability of the real estate industry in evaluating mixed-use assets. The study provides insight to stakeholders involved in real estate development, including urban planners, developers, and investors, enabling them to make informed decisions and improve sustainable practices. The research also highlights the importance of considering ESG principles, community benefits, and long-term strategies when assessing mixed-use developments to drive social change and contribute to urban regeneration.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00202024-03-23T00:00:00.000+00:00Are Hedonic Models Really Quality-Adjusted? The Role of Apartment Quality in Hedonic Models of Housing Rental Markethttps://sciendo.com/article/10.2478/remav-2024-0014<abstract> <title style='display:none'>Abstract</title> <p>In micro-level data concerning the housing market, the apartment quality may be signaled via textual statements or the attached descriptions/photos. It may be done using hard information related to the easier-to-measure structural characteristics or soft information related to the apartment condition and design - <italic>soft quality</italic>. This paper checks whether the choice of the approach to handling the issue of soft quality of apartments influences the properties of hedonic models and the course of hedonic rent indices. The study shows that hedonic models that account for soft quality have better statistical properties than those without soft-quality-related variables. Among them, the models that include the information on quality extracted from descriptions of apartments prove to be the best. Still, considerable differences in the indicated course of hedonic rent indices have not been detected. However, the paper concludes that utilizing information on apartments’ soft quality may be crucial to understanding the market adjustment process to economic shocks. It has been proven that the price reaction of the Poznań (Poland) rental market to the COVID-19 pandemic and the Russian aggression on Ukraine has been diversified in the quality-related market segments.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00142024-03-15T00:00:00.000+00:00Endowment Effect, Information Asymmetry, and Real Estate Market Decisions: Willingness to Pay and Willingness to Accept Disparitieshttps://sciendo.com/article/10.2478/remav-2024-0004<abstract> <title style='display:none'>Abstract</title> <p>The endowment effect has gained dominance over the decades due to its ability to explain behavioral instincts portrayed by individuals when making decisions and its inconsistency with standard economic theories. It has been extensively applied in different fields of study, however its applicability to the housing market has been limited since its establishment. The study seeks to investigate whether the endowment effect exists in the housing market and whether the disclosure of information, increased affordability and agent evaluation significantly reduce the endowment effect. Using data obtained from a survey conducted between January and August 2022 in the Eastern Cape Province of South Africa, the study found that the disclosure of information eliminates the gap between buyers’ valuations and market values, while the gap between sellers’ valuations and market prices is reduced but not eliminated by information disclosure. The study has further concluded that increased affordability and agent evaluations significantly reduce the endowment effect in the housing market. Therefore, the study recommends that private and public entities should establish laws and regulations which promote the disclosure of information to reduce the gap between the willingness to pay (WTP) and the willingness to accept (WTA) that exists in the market.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00042024-03-06T00:00:00.000+00:00Social Assessment of the Effect of Construction of the Southern Warsaw Ring Road on the Quality of Life and Residential Real Estate Market in the Wilanów Districthttps://sciendo.com/article/10.2478/remav-2024-0001<abstract> <title style='display:none'>Abstract</title> <p>Every road investment has both positive and negative consequences in spatial, economic, environmental, and social terms. The objective of the article is the social assessment of the effect of construction of the Southern Warsaw Ring Road (WRR) on: (i) the quality of life of the local community, and (ii) the residential real estate market. The analyses employed the method of quantitative analysis with the application of the survey technique. The questionnaire was made publicly available to residents of the Wilanów district in Warsaw. Results obtained in the scope of the study render decision making models of respondents depending on the distance of the place of residence from the WRR. The results reveal that responses given by the group of respondents living nearer the ring road are the most variable, particularly in the context of assessing the effect of the investment on the quality of life, including nuisance related to the express road and plans to change the place of residence. The same group of respondents provided the highest share of responses supporting the claim that housing prices increased due to the construction of the ring road.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00012024-03-06T00:00:00.000+00:00Analysis of Environmentally Certified Residential Developments in Polandhttps://sciendo.com/article/10.2478/remav-2024-0003<abstract> <title style='display:none'>Abstract</title> <p>The scale of environmental pressure caused by the construction sector has prompted a search for new technical solutions to minimize the negative impact of this part of the national economy on the environment. The drive to evaluate the adopted solutions has led to the creation of building assessment systems - environmental certificates.</p> <p>The aim of the article is both to introduce the certification processes used in the Polish residential property market and to indicate the locations of residential investments that have obtained the certificates in question. The paper takes a closer look at environmental certification using multi-criteria building assessment systems, i.e. BREEAM, LEED and HQE. The time scope of the presented research covered the years 2016 to the first quarter of 2022.</p> <p>The research carried out allowed an upward trend to be observed in the number of environmental certificates awarded, indicating the use of green building principles for residential properties. It is certain that there has been a development of this type of investment in Poland in the recent years. An analysis of the spatial distribution of the surveyed investments shows that location clusters have formed - green (low-emission) residential investments are distributed in the largest cities in Poland, which are characterized by a strictly defined consumer profile.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00032024-03-06T00:00:00.000+00:00The Size of the Rental Housing Segment in Poland and its Main Determinantshttps://sciendo.com/article/10.2478/remav-2024-0005<abstract> <title style='display:none'>Abstract</title> <p>Our research into the fast-growing segment of the rental market fits perfectly with the current wave of excitement. In this research, we attempt to answer a fundamental question: how large is the rental segment in Poland? To our surprise, the answer to this key question remains wrapped in mystery, with an absence of continuous studies disclosing its true size.</p> <p>Undaunted, in this paper we took up the challenge to develop a method that would give us a clear answer. Using Eurostat statistics, we develop a methodological framework for estimating the size of the rental segment. We acknowledge that Eurostat data possesses certain limitations, yet serves as a valuable resource for fulfilling our goal under the proposed methodology. In our approach, we determine the size of Polish rental segment between 2007 and 2021. To validate our findings, we dived into the complex relationship between the size of the rental segment and households. Applying linear regression, we sought to unravel the main determinants influencing not only the overall housing market but also the dimensions of the puzzling rental segment. The proposed method proves to be successful and answers the research question. However, it is important to emphasize that the presented results are estimates that give an impression of the elusive size of the rental housing segment and not exact measurements. Moreover, the flexibility of the proposed methodology is promising and allows similar studies to be conducted in different geographical contexts.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00052024-03-06T00:00:00.000+00:00The Potential of Residential Property in Poland as an Inflation Hedge Investmenthttps://sciendo.com/article/10.2478/remav-2024-0006<abstract> <title style='display:none'>Abstract</title> <p>The research objective of the article was to assess the potential of residential property in Poland as an inflation hedge investment. The study was conducted using innovative measures of the level of inflation hedging. The study was made for Poland’s six largest local residential markets, for two types of investments, for different investment horizons (from 6 to 15 years). The research period adopted was: 3Q2006-4Q2022. In all cities, investments providing only capital gains allowed an attractive inflation hedging level to be achieved. Investments that additionally included rental offered a high inflation hedging level. The variation in the six cities studied in terms of inflation hedging through housing investment was found to be very low. The question of how extending the investment horizon affected the inflation hedging ability was not firmly answered. Frequently, the extension of the investment horizon has been accompanied by an increase in the level of hedging.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00062024-03-06T00:00:00.000+00:00Population Change as an Aspect of Suburbanization of Major Cities in Polandhttps://sciendo.com/article/10.2478/remav-2024-0002<abstract> <title style='display:none'>Abstract</title> <p>Cities function in people’s minds as reservoirs of opportunities and possibilities. For many people, living in a city seems an attractive and logical life choice compared to areas perceived as provincial. However, the reality of the modern city is also associated with numerous nuisances. The occurrence of these disadvantages has led to the development of mechanisms intended, at least in principle, to counteract the ills of urban life. One such mechanism is the phenomenon of suburbanization. The outpouring of urban functions beyond its boundaries occurs all over the world. However, this phenomenon also entails exacerbating transport bottlenecks, requires a lot of local investment, contributes to the deterioration of the environment, and disrupts household time budgets. This paper addresses population change as one of the demographic aspects of suburbanization. The trends characterizing the outflow of population from cities and the inflow of population to suburban areas has been examined. The study covers several of Poland’s largest cities using data from the 2011 and 2021 National Censuses. The main objectives of this study are to assess the scale of suburbanization in large and medium-sized Polish cities, so as to determine whether suburbanization occurs similarly regardless of city size. To identify those urban centers where the population change in neighboring municipalities is particularly high so as to raise the awareness of decision-makers and real estate market participants in relation to the challenges posed by suburbanization. In addition, using one city as an example, an assessment of how the influx of population affects number of transactions on selected real estate market was carried out. The results of the study may be useful in analyzing investment needs for various types of infrastructure, including roads and technical infrastructure.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00022024-03-06T00:00:00.000+00:00The Form of Residential Premises Ownership vs. Residential Standard of Seniors in Poland in the Opinion of Residentshttps://sciendo.com/article/10.2478/remav-2024-0012<abstract> <title style='display:none'>Abstract</title> <p>The study addresses the problem of diverse housing conditions experienced by seniors in Poland and equipping their apartments with installations improving the quality of life for people with reduced mobility, taking into account various forms of residential premises ownership: a condominium, a cooperative apartment and a council flat. The study aimed at providing answers to a number of questions, including: what is the readiness to change an apartment into a council flat adapted to the needs of people with mobility limitations, taking into account the current ownership status of the apartment (condominium, cooperative member’s ownership right to residential premises, the right to rent a flat from the council-owned housing resources).</p> <p>The research was conducted in the cities of Wrocław and Jelenia Góra, located in Poland in the Lower Silesia Voivodship. A total of 208 people aged 50 and over were covered by the study. The authors found correlations between access to utilities and facilities in an apartment and the form of ownership of the dwelling. Among other things, the survey found that a toilet in the stairwell and the lack of central heating are much more common in communal apartments than in cooperative apartments and condominiums. Residents also pointed to the need to adapt bathrooms that are located in apartments. Tenants of public housing were also more likely to express a desire to adapt their apartments to the needs of people with limited mobility.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00122024-03-06T00:00:00.000+00:00Transportation Management in Urban Functional Areashttps://sciendo.com/article/10.2478/remav-2024-0021<abstract> <title style='display:none'>Abstract</title> <p>Urban and suburban transport within Functional Urban Areas (FUAs) is now considered an integrated system. In these regions, many residents commute from the suburbs to the city daily for work, education, and social purposes. Transport planning must consider these dynamics to ensure consistent and convenient connections between the city and its suburbs. This article stresses the need for a standardized tool to collect data on transport management models in FUAs across 38 OECD-affiliated countries.</p> <p>The proposed tool, a survey questionnaire, aims to gather information on how transport management models are organized and operate in these regions. The article discusses research conducted in the Olsztyn FUA, revealing significant variations in transport management methods among municipalities. The questionnaire is categorized into four themes: public transport, transport infrastructure, FUA transport strategy and innovation, and risks and monitoring, offering a comprehensive view of the transport management model. The study also highlights varying development priorities among FUA municipalities; some focus on public transport, while others invest in road infrastructure. This study underscores the importance of a cohesive approach to transport management in FUAs, considering their diverse needs and requirements.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00212024-02-20T00:00:00.000+00:00Comparison of Machine Learning Algorithms for Mass Appraisal of Real Estate Datahttps://sciendo.com/article/10.2478/remav-2024-0019<abstract> <title style='display:none'>Abstract</title> <p>In recent years, machine learning algorithms have been used in the mass appraisal of real estate. In this study, 5 machine learning algorithms are used for residential type real estate. Machine learning algorithms used for mass appraisal in this study are Artificial Neural Networks (ANN), Random Forest (RO), Multiple Regression Analysis (MRA), K-Nearest Neighborhood (k-nn), Support Vector Regression (SVR). To test the study, real estate data collected from the central districts of Ankara, were used. The main purpose of this study is to find out which machine learning algorithm gives the best results for the mass appraisal of real estates and to reveal the most important variables that affect the prices of real estate. According to the results obtained for the city of Ankara, it was observed that the best algorithm for mass appraisal is RF in residential-type real estates, followed by the ANN, k-nn, and linear regression algorithms, respectively. According to the results obtained from the residential real estate, it was concluded that heating and distances to places of importance had the greatest effect on the value.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00192024-02-20T00:00:00.000+00:00Low Interest Rates and Uncreative Destruction in the Office Markethttps://sciendo.com/article/10.2478/remav-2024-0018<abstract> <title style='display:none'>Abstract</title> <p>Low interest rates were introduced in the global economy to support the weak economic growth that followed the global financial crisis. In the real estate sector, low interest rates usually lead to a boom in investment and prices. This boom, however, is not spread throughout the economy, but rather concentrated in major cities. We demonstrate this phenomenon on the example of the office market in Warsaw (Poland). While it would be beneficial for the Polish economy to develop office space in smaller cities that have an insufficient supply of modern office space, investors have focused mainly on the capital. This has not only led to an increase in the cost of building land and construction, but has also pushed some relatively new existing office buildings off the market. We call such behaviour uncreative destruction and explain why it was possible.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00182024-02-20T00:00:00.000+00:00Land Cover Change in Hanoi: A Comparison Between Planning Cycleshttps://sciendo.com/article/10.2478/remav-2024-0009<abstract> <title style='display:none'>Abstract</title> <p>Because land is an entity that possesses both biophysical and geophysical features, it can be subdivided into several land covers and put to a variety of diverse uses. In this study, transformation matrices are generated using JAXA map data in order to conduct an analysis of the inter-land variability. In Hanoi, data collection took place over the course of four years (1990, 2000, 2010, and 2020). According to Vietnam’s legislation, this timeframe is also equivalent to three phases of land use planning (LUP). According to the findings, the area of land used for urban development is expanding at a quick rate in this metropolitan region (by more than 13%), but the area used for rice production has experienced a significant decline (by approx. 23%). However, the pattern is not consistent from one planning period to the next. The research results are also linked to land use practices in Hanoi in the discussion section. This points to the compatibility with the current state of Vietnam’s linear economic growth in recent times, as well as negative issues, such as land waste and forecasts of spatial changes in Hanoi.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00092024-01-31T00:00:00.000+00:00Housing Deprivation Among Polish Households: Prevalence and Associated Factorshttps://sciendo.com/article/10.2478/remav-2024-0015<abstract> <title style='display:none'>Abstract</title> <p>Housing deprivation is a multidimensional concept that can be measured using various indicators. This study focuses on severe housing deprivation and its components – overcrowding and housing conditions problems. Severe housing deprivation means the failure to meet basic housing needs. Eurostat defines it as the simultaneous occurrence of overcrowding and housing conditions problems. All analyzed indicators of housing deprivation are based on European Union Statistics on Income and Living Conditions (EUSILC) 2019 survey data. The study covers households in Poland – a country facing serious problems of housing deprivation. In fact, three dimensions of housing deprivation are examined: experiencing only housing conditions problems, experiencing only overcrowding, and being severely housing deprived. The study aims to investigate the prevalence of three-dimensional housing deprivation and reveal which socioeconomic features of the household are associated with the analyzed phenomenon. To achieve these purposes, the multinomial logit model was used to assess the average marginal effects for explanatory variables. It was found that the significant factors associated with housing deprivation are tenure status, dwelling type, household income, average age of household members, their level of educational achievement, presence of disabled and unemployed people, and household type.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00152024-01-01T00:00:00.000+00:00Supply, Demand and Asymmetric Adjustment of House Prices in Polandhttps://sciendo.com/article/10.2478/remav-2024-0013<abstract> <title style='display:none'>Abstract</title> <p>In recent years, a lot of empirical effort has been made to search for potential nonlinear responses of house prices to various demand and supply factors. This paper examines Poland's heterogeneous regional housing market reactions to key economic variables from 2000 to 2022. The study raises two research questions related to the asymmetric adjustment of housing markets to selected demand and supply shocks.</p> <p>Firstly, we ask whether the house price adjustments to negative shocks are relatively minor (for example, during an economic downturn) when compared to positive shocks (prevalent in booming markets), mainly due to the loss aversion behavior theory and nominal rigidity of house prices. In particular, we test the hypothesis that house prices react more to positive impulses from supply and demand than negative ones.</p> <p>Secondly, we investigate whether market reactions are similar for large and small metropolitan markets. The second hypothesis posits that metropolitan housing markets adjust asymmetrically to demand and supply shocks based on the city size (population and housing stock in a given city).</p> <p>The study uses a nonlinear ARDL model to test the research hypotheses empirically. This paper provides new insights into the nonlinear reactions of house prices to exogenous shocks and adds to the limited empirical evidence from less developed economies.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00132024-01-01T00:00:00.000+00:00The Effect of Revitalisation on the Value of Residential Premises in Historic Urban Layoutshttps://sciendo.com/article/10.2478/remav-2024-0011<abstract> <title style='display:none'>Abstract</title> <p>The aim of this research was to analyze the effects of revitalization activities performed in a selected historical urban layout using the mixed method in which statistical analysis was supported by Geographic Information System (GIS) tools on the price level of residential premises on the secondary market. The subject of the analyses is “Old” Nowa Huta (Krakow, Poland), which was designed as an ideal independent city in the mid-20th century. The analysis covered the period from January 1, 2007 to December 31, 2020.</p> <p>The conducted analyses have demonstrated that the transaction prices (and hence the value) of residential premises located in “Old” Nowa Huta increased during the performed revitalization activities. However, based on the results obtained, it could not be confirmed that this was the direct result of the revitalization itself, because the price level within the research site increased in proportion to the rising prices in the entire city. It seems, however, that although the changes in the quality of space in the analyzed area are not spectacular, they serve to improve the quality of life of the local community and are one of the ways to protect this historic urban layout.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2024-00112024-03-06T00:00:00.000+00:00Predicting Housing Price Trends in Poland: Online Social Engagement - Google Trendshttps://sciendo.com/article/10.2478/remav-2023-0032<abstract> <title style='display:none'>Abstract</title> <p>Various research methods can be used to collect housing market data and predict housing prices. The online search activity of Internet users is a novel and highly interesting measure of social behavior. In the present study, dwelling prices in Poland were analyzed based on aggregate data from seven Polish cities relative to the number of online searches for the keyword <italic>dwelling</italic> tracked by Google Trends, as well as several classical macroeconomic indicators. The analysis involved a vector autoregressive (VAR) model and the Granger causality test. The results of the study suggest that the volume of online searches returned by Google Trends is an effective predictor of housing price dynamics, and that unemployment and economic growth are important additional variables.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2023-00322023-12-09T00:00:00.000+00:00Why Did Housing Prices Rise to a Record Level in Turkey? An Empirical Analysishttps://sciendo.com/article/10.2478/remav-2023-0025<abstract> <title style='display:none'>Abstract</title> <p>Turkey is one of those countries where housing market has been most severely affected by COVID-19 pandemic. Today the effects of the outbreak have been eliminated significantly. This study retrospectively looks at the days when the world faced a widespread outbreak of a pandemic and investigates the effect of the pandemic and the changes in consumer confidence on housing prices and the volatility of housing prices. Considering the structural breaks in the analysis period (2010:q1-2022:q4 quarterly), we used the Lee and Strazicich structural break unit root test as a research method. The results show that an increase in costs due to a break in the supply chain and containment measures forcing the workforce to stay at home affected the housing supply adversely. It is observable that expansionary economic policies and social assistance programs have a positive effect on housing demand. In this regard, negative supply shock and positive demand pressure are seen to be the determinants of the recent housing price increases in Turkey. However, while there is a positive relationship between consumer confidence and house prices, the effect of house prices on the volatility is statistically insignificant.</p> </abstract>ARTICLEtruehttps://sciendo.com/article/10.2478/remav-2023-00252023-12-09T00:00:00.000+00:00en-us-1