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Crisis and Recovery in Office Markets

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  • Mills, Edwin S

Abstract

From 1987 to 1993, U.S. office markets were in a depression similar in length and magnitude to that of the 1930s. Vacancy rates doubled, development nearly halted, and prices and rents fell precipitously. A disaster of this magnitude requires multiple causes. Poor tax policies in Washington were important causes, as was a pervasive tendency of developers and others to overforecast the growth of office employment. However, the difference between this and earlier postwar office recessions appears to be explained mostly by the effects of the microchip revolution, which entered a new phase starting in the mid-1980s. The paper concludes with relatively optimistic notes on the likely demand growth that will result from the new and improved services that the microchip revolution will permit. Copyright 1995 by Kluwer Academic Publishers

Suggested Citation

  • Mills, Edwin S, 1995. "Crisis and Recovery in Office Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 10(1), pages 49-62, January.
    • Handle: RePEc:kap:jrefec:v:10:y:1995:i:1:p:49-62
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    Cited by:

    1. Eamonn D'Arcy & Geoffrey Keogh, 1999. "The Property Market and Urban Competitiveness: A Review," Urban Studies, Urban Studies Journal Limited, vol. 36(5-6), pages 917-928, May.
    2. Joseph DeSalvo, 2017. "Teaching the DiPasquale-Wheaton Model," Working Papers 0117, University of South Florida, Department of Economics.
    3. Peter Howley, 2008. "An Exploration of Neighbourly Ties within Newly Regenerated Residential Areas," Working Papers 0826, Rural Economy and Development Programme,Teagasc.
    4. Mao, Yifei, 2021. "Managing innovation: The role of collateral," Journal of Accounting and Economics, Elsevier, vol. 72(1).
    5. Peter Howley, 2008. "Addressing the ‘Liveability’ Concerns of Residents in High Density Housing," Working Papers 0825, Rural Economy and Development Programme,Teagasc.
    6. Peter Howley & Mark Scott & Declan Redmond, 2008. "An examination of residential preferences for less sustainable housing," Working Papers 0824, Rural Economy and Development Programme,Teagasc.
    7. Sotiris Tsolacos & Tony McGough, 1999. "Rational Expectations, Uncertainty and Cyclical Activity in the British Office Market," Urban Studies, Urban Studies Journal Limited, vol. 36(7), pages 1137-1149, June.
    8. Peter Howley, 2008. "Outward Population Shifts: Towards a Greater Understanding of Residential Behaviour," Working Papers 0822, Rural Economy and Development Programme,Teagasc.
    9. Sivitanidou, Rena, 1997. "Are Center Access Advantages Weakening? The Case of Office-Commercial Markets," Journal of Urban Economics, Elsevier, vol. 42(1), pages 79-97, July.
    10. Eamonn D'Arcy & Geoffrey Keogh, 1998. "Territorial Competition and Property Market Process: An Exploratory Analysis," Urban Studies, Urban Studies Journal Limited, vol. 35(8), pages 1215-1230, July.

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