The prediction and forecasting of office rents is undertaken routinely and formally by major surveying practices and consultants in the UK. These predictions and forecasts (which may be adjusted in-house) are used as tools in the investment decisions of the major institutions to inform on the...

Valuation error and valuation index smoothing have been the subject of a great deal of recent research efforts, largely due to concerns over the quality of investment decisions that can be made using valuation-based data. To date, unsmoothing models have assumed that the variances in valuation...