Irodapiaci ciklusok jellemzése a hozam, a bérleti forgalom, az üresedés, a bérleti díjak és az új átadás alapján

This study explores office market cycles based on five office market indicators. We analyze time series of yield, take-up, vacancy, rent and new supply on a worldwide database, which is more detailed than any other used previously, as it comprises of data about nearly one hundred cities. Yields and rents prove to have the least volatile time series, while new supply, vacancy and take-up showed much greater variability in the analyzed markets. During the investigation of the lead-lag relationships among office market indicators, we found that vacancy and take-up followed the changes in yields within about 3-4 months. Rents and new constructions responded much slower, after approximately one year. We also conducted our analysis using turning point identification besides commonly used methods.