Office Property Cycles and Macro economy: an International Perspective

There has been a growing awareness of the importance and nature of property cycles. There is now a considerable and growing literature on the subject. However, much of this literature is focussed within individual countries and a review by Pyhrr et al (1999) makes a plea for further research into international dimensions. The analysis of office property cycles is increasingly seen in the context of the globalisation of capital markets and the integration of national economies. This paper represents a contribution to research in this direction by focusing on the national economic influence of urban rent cycles. In addition in a world that still suffers from the paucity of property market data the relationship between the macroeconomy and urban rental trends has intrinsic potential practical investment applications in its own right.