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Paper eres2004_135:
Demographics and the International Office Markets

id eres2004_135
authors Eichholtz, Piet; Brounen, Dirk
year 2004
title Demographics and the International Office Markets
source 11th European Real Estate Society Conference (2-5 June 2004) Milano, Italy
summary We study the effects of demographic changes on the global office markets. Growth in the labor force, the ultimate driver of office demand, is slowing down in some countries and is contracting in others. Based on demographic forecasts, we then formulate expectations about the future shape of the office markets. Our results suggest that office supply generally reacts accurately to changes in demand, but that this will be much harder if demand contracts harder than the write- off rate for offices. If office developers fail to incorporate these ongoing demographic shifts adequately, office portfolios might soon be confronted with structurally high vacancies, decreasing rents and falling values.
keywords Demographics; Employment; Office market
series ERES:conference
discussion No discussions. Post discussion ...
session New Developments in Property Market Analysis
last changed 2008/12/21 10:41
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