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Integration And Convergence In European Office Markets: An Empirical Analysis

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  • Patrick McAllister

Abstract

This paper examines the effects of the process of European monetary integration on the investment performance of the commercial real estate sector. Specifically, it measures whether there has been convergence in the investment performance of private real estate markets. A number of criteria are used to examine the different aspects of convergence. Investment performance is separated into rental growth and yield changes. A number of conventional convergence tests are performed on historic time series of office rents and yields for a number of cities. The convergence tests are also performed on data for a sample of US cities in order to provide a benchmark against which to compare European cities.

Suggested Citation

  • Patrick McAllister, 2008. "Integration And Convergence In European Office Markets: An Empirical Analysis," ERES eres2008_207, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2008_207
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    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2008-207
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    Cited by:

    1. 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.

    More about this item

    JEL classification:

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

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