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Paper eres2014_39:
Long-run Equilibrium for the Greater Paris Office Market and Rental and Demand Adjustments

id eres2014_39
authors Cherfouh, Souad
year 2014
title Long-run Equilibrium for the Greater Paris Office Market and Rental and Demand Adjustments
source 21st Annual European Real Estate Society Conference in Bucharest, Romania
summary While there is an abundant literature on office market modeling, only few studies focus on the Greater Paris case. This article aims at contributing to the understanding of the Parisian office market underlying mechanisms. We combine the use of cointegration techniques to a multiple structural break approach to model the market over the period 1991-2012. We employ a two stage error correction framework to identify both long and short-run market determinants in the context of rent and demand relationships. The findings show that once made allowance for level shifts in the long-run relationships, the specified models explain relatively well the Parisian market. The results highlight the role of the vacancy rate as a long-run driver of rental values while both employment and rents explain long-run office demand. Yet, in the short-run, lagged dependent variables appear to be drifting both variables away from their equilibrium.
series ERES:conference
email souad.cherfouh@bnpparibas.com
more http://library.eres.org/cgi-bin/rsa98.pl?conf=ERES2014&type=session&theme=PHD&slot=2520
content file.ppt (2,183,168 bytes)
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session PHD: Doctoral Session
last changed 2014/10/21 21:51
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