INTEGRATION AND CONVERGENCE IN EUROPEAN OFFICE MARKETS: AN EMPIRICAL ANALYSIS
||INTEGRATION AND CONVERGENCE IN EUROPEAN OFFICE MARKETS: AN EMPIRICAL ANALYSIS
||Book of Abstracts: 15th Annual European Real Estate Society Conference in Kraków, Poland
||This paper examines the effects of the process of European monetary integration on the investment performance of the commercial real estate sector. Specifically, it measures whether there has been convergence in the investment performance of private real estate markets. A number of criteria are used to examine the different aspects of convergence. Investment performance is separated into rental growth and yield changes. A number of conventional convergence tests are performed on historic time series of office rents and yields for a number of cities. The convergence tests are also performed on data for a sample of US cities in order to provide a benchmark against which to compare European cities.
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