Expectations of future market conditions are generally acknowledged to be crucial for the development decision and hence for shaping the built environment. This empirical study of the Central London office market from 1987 to 2009 tests for evidence of adaptive and naive expectations. Applying...

Expectations of future market conditions are generally acknowledged to be crucial for the development decision and hence for shaping the built environment but there appears to be no consensus in the literature on what exactly constitutes rational behaviour of individual developers. This paper...