Work

The Workings of the London Office Market

Year: 1999

Type: article

Abstract: This paper presents estimates of an equilibrium‐based dynamic adjustment model of the office market, using supply and demand relationships to link construction, absorption, vacancies and rents to employment growth and real interest rates. The model is estimated using data from the City of London office market over 1977–1996. The model tracks the market dynamically, and the severe 1985–1996 cycle is shown to be related to the cycle in employment growth and the movement of real interest rates. The latter directly affects both construction and real rent levels.

Source: Real Estate Economics

DOI: 10.1111/1540-6229.00777

Authors: Patric H. Hendershott, Colin M. Lizieri, George A. Matysiak

Institutions: The Ohio State University, University of Reading, City, University of London

Language: English

Topic: Housing Market and Economics

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

SDG: Decent work and economic growth

Open Access status: green

OpenAlex ID: W2023132500

FWCI: 19.54

Cites: 17

Cited by: 154

Related to: 10