Volatility, or the variability of the underlying asset, is one of the fundamental key components of property derivative pricing and in the application of real option models in development analysis. There has been relatively little work on the application of volatility to real estate property...

The application of real options theory to commercial real estate has developed rapidly during the last 15 Years. In particular, several pricing models have been applied to value real options embedded in development projects. In this study we use a case study of a mixed-use development scheme and...

Despite the recent trend of offshoring branches of UK services industry to remote locations urban theory has yet to enlist a theory of industrial rents that formally takes the properties of substitution between locations into account. This study elaborates on the Fujita, Krugman and Venables...

Despite the recent trend of relocating branches of UK services industry to remote locations urban theory has yet to enlist a theory of industrial rents that formally takes the properties of substitution between locations into account. This study elaborates on the Fujita, Krugman and Venables...

Nominal property returns can be broken down into two components: real property returns and inflation. A structural VAR model is proposed to estimate the relationships between nominal property return, real property returns and inflation. Bayesian Methods (Markov Chain Monte Carlo) are used to...

The housing market in the UK has seen a sustained increase in prices in recent years, in common with many international markets. The UK market has however witnessed distinct regional trends in price dynamics. This has been a common factor in the UK market as noted in the many papers that have...

Although partial equilibrium neo-classical models have been established as a theoretical foundation for applied studies in a wide range of markets, but there is a continuing dispute about their effectiveness in the case of commercial real estate. The blame for this indecisiveness is commonly put...

The purpose of this study is to examine the relative performance of European commercial real estate markets, with an emphasis on the three largest evolving markets for the recent new entrants to the EU in May 2005 namely, Poland, the Czech Republic and Hungary. Employing a panel data oriented...

Over the last twenty years the private sector has assumed the role of the predominant supplier of buildings in Britain. In 1977 roughly half (49%) of construction new orders were made by the private sector; by 1998 the private sector accounted for more than three-quarters (79%) of all new...

This paper departs from the outcome of three different pieces of recent research by the authors. One used a conceptualisation of a local property market to develop a structural theory for the impact of planning on local business rents and on the behaviour of the wider local economy. Another...