Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/144703
Authors: 
Áron, Horváth
Gábor, Révész
Zoltán, Sápi
Year of Publication: 
2016
Series/Report no.: 
IEHAS Discussion Papers MT-DP - 2016/5
Abstract (Translated): 
This study explores office market cycles based on five office market indicators. We analyze time series of yield, take-up, vacancy, rent and new supply on a worldwide database, which is more detailed than any other used previously, as it comprises of data about nearly one hundred cities. Yields and rents prove to have the least volatile time series, while new supply, vacancy and take-up showed much greater variability in the analyzed markets. During the investigation of the lead-lag relationships among office market indicators, we found that vacancy and take-up followed the changes in yields within about 3-4 months. Rents and new constructions responded much slower, after approximately one year. We also conducted our analysis using turning point identification besides commonly used methods.
Subjects: 
office market cycles
great recession
turning point methodology
lead-lag relationships
JEL: 
E32
R33
ISBN: 
978-615-5594-31-1
Document Type: 
Working Paper

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