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Synchronität der Büromarktzyklen? Dynamiken europäischer Metropolen im Kontext der Finanz- und Wirtschaftskrise

Author

Listed:
  • Musil Robert

    (Institut für Stadt- und Regionalforschung, Österreichische Akademie der Wissenschaften, Postgasse 7/4/2, 1010 Wien, Austria)

  • Reiner Christian

    (Lauder Business School, Hofzeile 18–20, 1190 Wien, Austria)

Abstract

Urbane Büro-Immobilienmärkte sind durch eine zunehmende Internationalisierung gekennzeichnet und werden von Investoren als Anlagemöglichkeit zur Diversifikation ihrer Portfolios genutzt. Angesichts dieser Entwicklung wird in der Literatur die zunehmende Synchronisation der Büro-Immobilienmärkte diskutiert. Vor diesem Hintergrund untersucht der Artikel, ob auch die europäischen Büro-Immobilienmärkte durch eine Synchronisation der Zyklen gekennzeichnet sind. Darüber hinaus wird gefragt, in wie weit Büro-Immobilienmärkte mit nationalen Konjunkturzyklen zusammenhängen und ob es zu einer Konvergenz der Büro-Spitzenrenditen zwischen den europäischen Hauptstädten kommt. Auf Basis von empirischen Untersuchungen mittels parametrischer und nicht-parametrischer Korrelationsanalysen und Konvergenzanalysen kann für Europa eine – wenn auch sehr ungleiche – Tendenz zur Synchronisation festgestellt werden. Weiters zeigt sich, dass der Zusammenhang der Zyklen mit anderen Büromärkten aus dem gleichen Land deutlich höher ist, als der durchschnittliche Zusammenhang mit jenen aus anderen Ländern. Die Büromärkte folgen im Wesentlichen dem Muster der monetären europäischen Integration: Einer Konvergenz der Spitzenrenditen in der Frühphase der Euroeinführung folgt eine markante Divergenz beginnend mit der Wirtschaftskrise im Jahr 2008/2009.

Suggested Citation

  • Musil Robert & Reiner Christian, 2019. "Synchronität der Büromarktzyklen? Dynamiken europäischer Metropolen im Kontext der Finanz- und Wirtschaftskrise," ZFW – Advances in Economic Geography, De Gruyter, vol. 63(1), pages 23-46, March.
    • Handle: RePEc:bpj:zfwige:v:63:y:2019:i:1:p:23-46:n:1
    DOI: 10.1515/zfw-2018-0011
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    References listed on IDEAS

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