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Time Series Characteristics and Long-Run Equilibrium for Major Australian Office Markets

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  • Anthony De Francesco

Abstract

While much attention has focused on the modelling of office property markets, little emphasis has been given in distinguishing between permanent and temporary effects. This paper attempts to address this issue in the context of the rental adjustment mechanism and the demandemployment relationship for major Australian CBD office markets. It is shown that by allowing the natural vacancy rate and the work-space ratio to be endogenously determined, it offers richer model specifications that permit a partitioning between long-run and short-run influences. This is achieved by employing econometric techniques that examine the stochastic behaviour of time series data. It is found that while equilibrium relationships exist, (between the vacancy rate and rent, and demand and employment), cyclical macroeconomic variables are relevant determinants.

Suggested Citation

  • Anthony De Francesco, 2004. "Time Series Characteristics and Long-Run Equilibrium for Major Australian Office Markets," ERES eres2004_120, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2004_120
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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