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Institutional Differences in European Metropolitan Commercial Real Estate Markets

In: European Metropolitan Commercial Real Estate Markets

Author

Listed:
  • Ed F. Nozeman

    (University of Groningen)

  • Arno J. Vlist

    (University of Groningen)

Abstract

The authors aim to extend previous literature on variations in returns across local office markets by examining the linkage of office and retail market dynamics to the institutional structure at the European metropolitan level. Previous literature suggests that return rates differ widely across local markets, substantiating the view that returns are intertwined with conditions at local level. Whether and to what degree differences in local markets relate to differences in institutions has not been addressed. This is the central issue of this chapter. The research design consists of three coherent steps to address the central issue. First, we address the issue of how institutions may determine differences in office and retail market dynamics. We use current contributions in literature, culminating in a concise review of literature on office and retail market behaviour and institutions. Second, we aim to measure the degree of differences in office and retail market returns. For this we use data across European metropolitan areas. Finally, we consider the interrelations between real estate markets and institutions to explain the observed differences. For this we model market returns now including the various institutional measures. These results indicate which and to what degree the various institutional measures explain observed differences in local commercial real estate market dynamics.

Suggested Citation

  • Ed F. Nozeman & Arno J. Vlist, 2014. "Institutional Differences in European Metropolitan Commercial Real Estate Markets," Advances in Spatial Science, in: Ed F. Nozeman & Arno J. Van der Vlist (ed.), European Metropolitan Commercial Real Estate Markets, edition 127, chapter 0, pages 9-39, Springer.
    • Handle: RePEc:spr:adspcp:978-3-642-37852-2_2
    DOI: 10.1007/978-3-642-37852-2_2
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    Citations

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    Cited by:

    1. Horváth, Áron & Sápi, Zoltán & Révész, Gábor, 2016. "Irodapiaci ciklusok jellemzése a hozam, a bérleti forgalom, az üresedés, a bérleti díjak és az új átadás alapján [Yields, take-up, vacancy, rents and new supply during office-market cycles]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 113-136.
    2. Terry van Dijk & Arno van der Vlist, 2015. "On the interaction between landownership and regional designs for land development," Urban Studies, Urban Studies Journal Limited, vol. 52(10), pages 1899-1914, August.
    3. Song Zhang & Mark Duijn & Arno J. Vlist, 2023. "Tenant Mix and Retail Rents in High Street Shopping Districts," The Journal of Real Estate Finance and Economics, Springer, vol. 67(1), pages 72-107, July.

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