What factors have driven commercial real estate (CRE) prices upwards prior to a sharp fall in prices? We study this question by identifying turning points in CRE for a dataset covering the prime office segment in 58 cities in Europe. CRE prices are decomposed into rents and CRE yields. Our...

In this paper, we construct a quality-adjusted rent index for the office market in Oslo. Commonly used rent indices are based on average developments or expert opinions. Such indices often suffer from compositional biases or low data coverage. Using detailed data from more than 16,000 rental...

Banks have substantial exposures to commercial real estate (CRE). Rental prices are important for CRE companies' debt-service capacity, which in turn affects the risk of future bank losses. In this paper, we estimate error correction models (ECMs) to determine the main drivers of office rents in...

Banks' commercial real estate loans account for almost half of banks' total loans to non-financial enterprises. Losses on these loans are normally low in good times, but they have proved to be one of the largest sources of bank losses in financial crises. As there is often a mismatch between the...

Utlån til næringseiendom utgjør nesten halvparten av bankenes utlån til ikke- finansielle foretak. Disse lånene har normalt lave tap i gode tider, men har vist seg som en av de største kildene til tap i bankene under finansielle kriser. Det er ofte dårlig samsvar mellom løpetiden...

Norges Banks råd om motsyklisk kapitalbuffer baseres på et bredt sett av kvalitativ og kvantitativ informasjon. Det europeiske systemrisikorådet trekker frem at utviklingen i en generell indikator for systemisk stress i det finansielle systemet bør være en del av dette...

In this paper, we construct a quality-adjusted rent index for the office market in Oslo. Commonly used rent indices are based on average developments or expert opinions. Such indices often suffer from compositional biases or low data coverage. Using detailed data from more than 16,000 rental...