| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11345 |
| 来源ID | Working Paper 11345 |
| Adjustment in Property Space Markets: Estimates from the Stockholm Office Market | |
| Peter Englund; Ake Gunnelin; Patric H. Hendershott; Bo Soderberg | |
| 发表日期 | 2005-05-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Markets for property space adjust only gradually because tenants are constrained by long-term leases and landlords and tenants face transactions and information costs. Not only do rents adjust slowly, but space occupancy may differ from demand at current rent, giving rise to "hidden vacancies". We estimate the joint dynamics of office rents and vacancies using an error-correction model using a new lease rent series for Stockholm offices 1977--2002 estimated on 2,500 leases. It takes 5-10 years for the market to adjust to a shock. In a model simulation of a positive employment shock open vacancies fall from the natural level of 7 percent to below 4 percent, while hidden vacancies increase by about as much. Most of the variation in hidden vacancies over time is explained by the difference between demand at current and average rent on existing leases, which we calculate using data on contract lease length. |
| 主题 | Regional and Urban Economics ; Regional Economics |
| URL | https://www.nber.org/papers/w11345 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568984 |
| 推荐引用方式 GB/T 7714 | Peter Englund,Ake Gunnelin,Patric H. Hendershott,et al. Adjustment in Property Space Markets: Estimates from the Stockholm Office Market. 2005. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w11345.pdf（216KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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