This paper offers a new way to explain the puzzling stylized fact that there is a large mass of institutional investors with very little assets in real estate. The paper develops a model in which pension fund trustees will generally skew their holdings of assets toward investments with the...

ERES:conference

"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...

[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

ERES:conference

ERES:conference

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;...