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Office Space per Worker: Evidence from Four European Markets

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Abstract

Most analyses of future office demand rely on employment forecasts, taking office space per worker as given. This study analyses the determinants of office space per worker. After listing a number of hypotheses, an economic explanation is developed. Office space per worker is perceived as a function of rent, expected growth of the firm and uncertainty of this growth, the lease period, substitution possibilities on the market and search and adjustment costs. Survey data from European office markets are analyzed vis a vis the hypotheses.

Suggested Citation

  • Jacco Hakfoort & Robert Lie, 1996. "Office Space per Worker: Evidence from Four European Markets," Journal of Real Estate Research, American Real Estate Society, vol. 11(2), pages 183-196.
    • Handle: RePEc:jre:issued:v:11:n:2:1996:p:183-196
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    References listed on IDEAS

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    1. William C. Wheaton, 1987. "The Cyclic Behavior of the National Office Market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(4), pages 281-299, December.
    2. Oskar R. Harmon & Michael J. Potepan, 1988. "Housing Adjustment Costs: Their Impact on Mobility and Housing Demand Elasticities," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 16(4), pages 459-478, December.
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    4. Venti, Steven F. & Wise, David A., 1984. "Moving and housing expenditure: Transaction costs and disequilibrium," Journal of Public Economics, Elsevier, vol. 23(1-2), pages 207-243.
    5. Hugh O. Nourse, 1992. "Selecting Administrative Office Space," Journal of Real Estate Research, American Real Estate Society, vol. 7(2), pages 139-146.
    6. Kirk McClure, 1991. "Estimating Occupied Office Space: Comparing Alternative Forecast Methodologies," Journal of Real Estate Research, American Real Estate Society, vol. 6(3), pages 305-314.
    7. G. Dewulf, 1994. "The future office market in the Netherlands," ERES eres1994_133, European Real Estate Society (ERES).
    8. Eric A. Hanushek & John M. Quigley, 1978. "An Explicit Model of Intra-Metropolitan Mobility," Land Economics, University of Wisconsin Press, vol. 54(4), pages 411-429.
    9. Emil E. Malizia, 1991. "Forecasting Demand for Commercial Real Estate Based on the Economic Fundamentals of U.S. Metro Markets," Journal of Real Estate Research, American Real Estate Society, vol. 6(3), pages 251-266.
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    Cited by:

    1. Norm G. Miller, 2013. "Office Space per Worker: Trends, Demand Implications and Impacts," ERES eres2013_15, European Real Estate Society (ERES).
    2. C.M. Lizieri, 2003. "Occupier Requirements in Commercial Real Estate Markets," Urban Studies, Urban Studies Journal Limited, vol. 40(5-6), pages 1151-1169, May.

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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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