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Identifying lag relationships in the office market with a turning point method during the Global Financial Crisis

Author

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  • Áron Horváth
  • Gábor Révész

Abstract

Lead-lag relationships among office market indicators are essential to discover for both theoretical and practical reasons. This paper identifies an approximately one year lag between office market yield and new supply; a somewhat shorter distance of rents and yields is revealed. According to the concluded calculations, vacancy and take-up respond swifter to external shocks. We use the crisis as an identifier, and detect reactions of turning points of the time series in a worldwide database provided by DTZ.

Suggested Citation

  • Áron Horváth & Gábor Révész, 2015. "Identifying lag relationships in the office market with a turning point method during the Global Financial Crisis," ERES eres2015_90, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2015_90
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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