Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/319619 
Year of Publication: 
2025
Series/Report no.: 
Deutsche Bundesbank Discussion Paper No. 09/2025
Publisher: 
Deutsche Bundesbank, Frankfurt a. M.
Abstract: 
We develop a statistical-methodological framework for a set of core commercial real estate market indicators, which consists of a market price index, a gross rent index, and a net rental yield index as well a vacancy rate. We argue that the indicators should be (macro-)consistent, meaning that the asset valuation relation between the market price, rental income, yield and vacant space of an individual property carries over to the macro indicators. In case of a bottom-up compilation of all indicators, macro-consistency is met if (1) target universes are common, (2) the granular data source is complete and (3) price and rental yield indices are weighted with capital value shares while the rent index and the aggregate vacancy rate are weighted by rental income shares. We exemplify the established statistical-methodological framework by compiling a consistent set of annual indicators of the German office market using appraisal data from a real estate consulting company.
Subjects: 
price index
rent index
rental yield index
vacancy rate
JEL: 
C43
R33
ISBN: 
978-3-98848-030-9
Document Type: 
Working Paper

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