Purpose – The purpose of this paper is to address the variation of efficiency of local office markets. It has long been argued that as data in the property market are based on valuations, it has a tendency toward smoothing or stickiness. The accuracy of valuations is shown to be partially...

Contributors -- Glossary -- Introduction : the housing economy and the credit crunch -- The housing boom, the bust and US housing policy -- Housing bubbles and foreclosures that follow : the case of Las Vegas -- Unemployment risk, homeownership, and housing wealth : lessons from the bubble --...

Purpose – The objective of this paper is to re‐appraise intra‐urban rent models in the context of a multi‐nodal landscape. Primarily, the study focuses on the early work of Alonso and, more recently, Di Pasquale and Wheaton. Although the latter use a more sophisticated approach, both...

Purpose – The purpose of this paper is to question whether traditional cost approaches apply to the valuation of an airport now that they are no longer public utilities but very much commercial enterprises. Design/methodology/approach – The research discusses the business model, the...

Purpose – The purpose of this paper is to analyse the gap between government bonds (index-linked and long-dated) and real estate yields/capitalization rates over time for the UK, Australia and the USA. The global financial crisis was a sharp shock to real estate markets, and while interest...

Purpose – The purpose of this paper is to examine the experience of the UK office market in embracing green buildings. The empirical analysis considers the spatial pattern and growth of green buildings in cities since 1990. It examines the perceived industry wisdom that the establishment of a...

In this paper, it is argued that neo‐classical location theory is of limited value in conceptualising the structure of urban office markets. Rather there are sound theoretical and technical arguments for segmenting office markets into distinct submarkets. It is further argued that submarkets,...

Property markets are considered efficient when the market price of a transacted property equates with its market worth. If this condition holds then identical properties should sell or let for the same price. However, properties are heterogeneous, and information and operational constraints...