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Retention Rates, Re-investment and Depreciation in European Office Markets

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Author Info

  • Andrew Baum

    ()
    (Department of Real Estate & Planning, University of Reading School of Business)

  • Neil Turner
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    Abstract

    The retention rate of a company has an impact on its earnings and dividend growth. Lease structures and performance measurement practice force real estate investment managers to adopt full distribution policies. Does this lead to lower income growth in real estate? This paper examines several European office markets across which the effective retention rates vary. It then compares depreciation rates across these markets. It is concluded that there is evidence of a relationship between retention and depreciation. Those markets with particularly inflexible lease structures exhibit low retention rates and higher levels of rental value depreciation. This poses interesting questions concerning the appropriate way to measure property performance across markets exhibiting significantly different retention rates and also raises important issues for global investors.

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    File URL: http://www.reading.ac.uk/LM/LM/fulltxt/0203.pdf
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    Bibliographic Info

    Paper provided by Henley Business School, Reading University in its series Real Estate & Planning Working Papers with number rep-wp2003-02.

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    Length: 19 pages
    Date of creation: 2003
    Date of revision:
    Handle: RePEc:rdg:repxwp:rep-wp2003-02

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