real estate returns and compares them with and U.S. and U.K. data in the same period. Furthermore, the co-movements with … that for the U.S. and U.K …

We examine commercial office rental yields in 89 large cities in 33 developed and developing countries in the 2000 …-2019 period. As expected, commercial office yields have declined throughout the world, reflecting a decline in the real rate of … interest over this time period. Our cross-city analysis indicates that commercial office yields are lower in cities with …