ERES:conference

The London office market is one of the most researched market in the world owing both to size and data availability. Prior work modelling office market rental adjustment was based on only two decades of data that were dominated by less than an incomplete real estate cycle (Hendershott et al, 1999; 2002;...

Rental adjustment equations have been estimated for a quarter century. In the U.S., models have used the deviation of the actual vacancy rate from the natural rate as the main explanatory variable, while in the UK, drivers of the demand for space have dominated the estimation. The recent papers...

This paper presents rent models for retail, office and industrial property in the U.K. Panel data are used covering 11 regions for 29 years, enabling us to overcome the limitations of a relatively short time series. We use an Error Correction Model (ECM) framework to estimate long run...

ERES:conference

The hedonic price models on the office sector demonstrate the existence of a link between the rent and the vacancy of the area (Wheaton and Torto, 1988), the characteristics of the building (Clapp 1980) and the characteristics of the area (Gardiner and Henneberry, 1988). The role of each feature...

A considerable body of research exists on how office rents and vacancy rates adjust in response to changes in demand and supply. In particular, recent research has settled upon an Error Correction Model (ECM) approach for investigating how adjustment occurs. Some recent studies have applied an...

ERES:conference

This paper examines the performance of active US domestic real estate mutual funds (REMFs) relative to a passive benchmark, both before and after fund managers' compensation. We consider both the REMF sector as a whole, and also individual funds, separately against stock market and real estate...

ERES:conference