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The Link between the Office Market and Labour Market in Germany

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  • Voigtländer, Michael

Abstract

The article examines the link between the office market and labour market in Germany. In a first step the number of office employees is calculated by referring to occupational labour market statistics. Using a panel analysis with data for the biggest five German metropolises it is shown that office employment is a superior predictor for explaining adjustments in prime and average rents compared to total employment and unemployment rates. Taking vacancy rates also into account, the fit of the model can be further increased. Construction has only a minor impact on prime rents. The study is supplemented with single regressions for the five cities. While adjustments in Berlin and Dusseldorf can hardly be ascribed to office employment, office rents in Frankfurt, Hamburg and Munich react strongly to changes in the labour market.

Suggested Citation

  • Voigtländer, Michael, 2010. "The Link between the Office Market and Labour Market in Germany," MPRA Paper 23994, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:23994
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    References listed on IDEAS

    as
    1. Patric H. Hendershott & Bryan D. MacGregor & Raymond Y.C. Tse, 2002. "Estimation of the Rental Adjustment Process," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 30(2), pages 165-183.
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    6. Harald Nitsch, 2006. "Pricing Location: A Case Study of the Munich Office Market," Journal of Property Research, Taylor & Francis Journals, vol. 23(2), pages 93-107, March.
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    More about this item

    Keywords

    office employment; rental adjustment; panel analysis;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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