Elaborates on the major disturbances to income producing real estate markets in the 1980's and describes a simple model that can be used to illustrate the effects of such disturbances. Interprets developments in the multifamily and office markets and considers the owner-occupied housing market.

[abstract missing - contribution appeared in the programme]

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

As a result of both the decline of real user cost of owner-occupied housing and the failure of this cost for nonresidential investment to fail similarly, some have argued that the U.S. economy has overinvested to housing at the expense of industrial capital and thus has suffered substantial...

The obvious economic, although not political, solution to the overinvestment in owner-occupied housing in the 1970s would be to tax owner-occupied hous ing more heavily, thereby raising its user cost relative to that of industrial capital.

Model simulations are run to obtain a range of realistic estimates of the long-run revenue impact of a capital gains tax rate cut to a maximum of 15 percent. The basic vehicle for the simulations is a slightly modified version of the Galper-Lucke-Toder (GLT) general equilibrium model. The key...

Equilibrium analysis is a valuable tool in real estate investment research. In this survey, I show how equilibrium models have been used to estimate the required risk premium for different classes of real estate, to explain real house prices, and to determine investment rental market adjustment...