"Rent setting behavior of landlords relates to rental rates on new leases, while tenant demand for space depends on the average rental rate on existing space. Thus models of the space market need to identify the roles of these two rates. A market or new lease rent series is constructed for the...

This study investigates the determinants of key input variables in valuers' discounted cash flow models used for estimating market values for offices. Data from 599 valuations in 2000 from Stockholm, Gothenburg and Malmö are used to explain variation in discount rates, expected growth rates in...

Markets for property space adjust only gradually because tenants and landlords are constrained by long-term leases and transaction and information costs. Not only do rents adjust slowly, but space occupancy, which depends on historical rents, often differs from demand at current rent. This...