IDEAS home Printed from https://ideas.repec.org/p/arz/wpaper/eres2019_61.html
   My bibliography  Save this paper

Rental adjustment in European office markets: global or local effect?

Author

Listed:
  • Alain Coen
  • Benoit Lefebvre
  • Richard Malle
  • Arnaud Simon

Abstract

The purpose of this study is to deeply investigate the rental dynamics of the European office market during a long period (2002-2017). This paper analyses the global and local dynamics of the 26 largest European office markets. First we estimate a dynamic panel vector autoregressive (PVAR) modelling. Then, we estimate the same equation for each market individually. Our modelling at two levels highlights a significant heterogeneity across European office markets. Finally, we revisit the natural vacancy rate theory. We show that European office markets currently exhibit vacancy rates below their natural rates suggesting relevant opportunities for real estate portfolio investors.

Suggested Citation

  • Alain Coen & Benoit Lefebvre & Richard Malle & Arnaud Simon, 2019. "Rental adjustment in European office markets: global or local effect?," ERES eres2019_61, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2019_61
    as

    Download full text from publisher

    File URL: https://eres.architexturez.net/doc/oai-eres-id-eres2019-61
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    European integration; Natural vacancy rate; Office Market; Panel VAR; Rental dynamics;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arz:wpaper:eres2019_61. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Architexturez Imprints (email available below). General contact details of provider: https://edirc.repec.org/data/eressea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.