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Term Structures in the Office Rental Market in Stockholm

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  • Gunnelin, Åke

    ()
    (Swedish Institute for Financial Research)

  • Söderberg, Bo

    ()
    (Royal institute of Technology)

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    Abstract

    This paper contains an empirical study of the rental term structure in a property market that included a dramatic boom and bust cycle. The study is applied to office leases in commercial properties located in Stockholm CBD, Sweden. The time period under study is 1977-1991. The number of observations (lease contracts) that we were able to make full use of in the regression analyses is n=861. For seven out of fifteen years studied, a significant term structure was observed. The estimated hedonic rent equation was also used to construct an office rental index.

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    Bibliographic Info

    Paper provided by Institute for Financial Research in its series SIFR Research Report Series with number 6.

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    Length: 26 pages
    Date of creation: 10 Apr 2002
    Date of revision:
    Handle: RePEc:hhs:sifrwp:0006

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    Postal: Institute for Financial Research Drottninggatan 89, SE-113 60 Stockholm, Sweden
    Phone: +46-8-728-5120
    Fax: +46-8-728-5130
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    Web page: http://www.sifr.org/
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    Related research

    Keywords: Rental Market; Office Rent; Lease Term; Term Structure; Property Market; Property Cycle; Rental Index;

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    References

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    1. Sivitanidou Rena, 1995. "Urban Spatial Variations in Office-Commercial Rents: The Role of Spatial Amenities and Commercial Zoning," Journal of Urban Economics, Elsevier, vol. 38(1), pages 23-49, July.
    2. Grenadier, Steven R., 1995. "Valuing lease contracts A real-options approach," Journal of Financial Economics, Elsevier, vol. 38(3), pages 297-331, July.
    3. Shilling, James D. & Sirmans, C. F. & Corgel, John B., 1987. "Price adjustment process for rental office space," Journal of Urban Economics, Elsevier, vol. 22(1), pages 90-100, July.
    4. Webb, R. Brian & Fisher, Jeffrey D., 1996. "Development of an Effective Rent (Lease) Index for the Chicago CBD," Journal of Urban Economics, Elsevier, vol. 39(1), pages 1-19, January.
    5. John D. Benjamin & J. Sa-Aadu & James D. Shilling, 1992. "Influence of Rent Differentials on the Choice between Office Rent Contracts with and without Relocation Provisions," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 20(2), pages 289-302.
    6. Patric H. Hendershott & Colin M. Lizieri & George A. Matysiak, 1999. "The Workings of the London Office Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(2), pages 365-387.
    7. Clapp, John M & Giaccotto, Carmelo, 1992. "Estimating Price Trends for Residential Property: A Comparison of Repeat Sales and Assessed Value Methods," The Journal of Real Estate Finance and Economics, Springer, vol. 5(4), pages 357-74, December.
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    Cited by:
    1. Clapham, Eric & Gunnelin, Åke, 2003. "Rental Expectations and the Term Structure of Lease Rates," SIFR Research Report Series 16, Institute for Financial Research.

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