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The Workings of the London Office Market

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  • Patric H. Hendershott
  • Colin M. Lizieri
  • George A. Matysiak

Abstract

This paper presents estimates of an equilibrium-based dynamic adjustment model of the office market, using supply and demand relationships to link construction, absorption, vacancies and rents to employment growth and real interest rates. The model is estimated using data from the City of London office market over 1977-1996. The model tracks the market dynamically, and the severe 1985-1996 cycle is shown to be related to the cycle in employment growth and the movement of real interest rates. The latter directly affects both construction and real rent levels. Copyright American Real Estate and Urban Economics Association.

Suggested Citation

  • 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.
  • Handle: RePEc:bla:reesec:v:27:y:1999:i:2:p:365-387
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    1. Renaud, Bertrand, 1995. "The 1985-94 global real estate cycle : its casues and consequences," Policy Research Working Paper Series 1452, The World Bank.
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