On November 1, 2000, a 3.4-acre parcel of land at 10 Columbus Circle in Manhattan sold for $345 million, or roughly $2,300 per square foot. The parcel is located 1.3 miles from the Empire State Building at the southwest corner of Central Park and housed an exposition and convention center known as the New York Coliseum. The buyers quickly demolished that complex to make way for the construction of the Time Warner Center, a 2.8-million-square-foot, largely commercial development that includes two office towers, a hotel, retail stores, and a parking garage. The Time Warner Center is now one of the most valuable properties in New York. Physical space is a requirement for all types of economic activity, from housing to manufacturing and service production, making the value of land an important feature of any economy. The high price of the Columbus Circle property reminds us that the price of land in an urban area is a fundamental measure of the area’s attractiveness. Moreover, changes in the value of land over time and space can provide insight into a host of important regional and macroeconomic issues. However, because land often comes bundled with a structure—and thus is generally not priced separately in a real estate transaction—its value is difficult to measure.