By Michael Ball
This new textual content presents a rigorous research of genuine property markets. 3 major sections disguise: microeconomics of estate markets the macroeconomics of business estate the monetary economics of estate worldwide empirical examples illustrate the theories and matters. This frequently advanced region is made available: each one bankruptcy incorporates a boxed precis and questions for self-testing or dialogue.
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Extra info for The economics of commercial property markets
Example text
Office rents are now r´, with Q´ units supplied. The stock is valued at P´ per standard unit. Supply and demand in the long run The short-run period-by-period adjustment model examined above enables predictions of user market supply and demand relationships in the long run. The demand function is downward sloping for the same reasons as the shortrun model. The slope of the demand curve is likely to be more elastic, however, because, in the long run, firms have greater opportunities to adjust their production activities to prevailing property market conditions (for example, by moving to cheaper locations).
Traditional financial controls often included a requirement that specific types of institution can only enjoy tax and other regulatory privileges if they invested in specific assets. Pension funds and insurance companies in the UK, for example, had great difficulty in investing overseas prior to 1979, because of exchange rate controls. This would have encouraged them to invest in UK property, depressing returns from it, raising property valuations above their free market levels, and encouraging a greater than efficient supply of commercial property.
Simultaneous equilibrium in the four markets It is now possible to close the system, and recapitulate, by tracing through the simultaneous inter-relations of the four markets. This is done by following through the effect of an increase in the demand for offices. 1). This raises rents, and thereby increases the value of offices as a financial asset. 2, the rent rise with the same capitalisation rate increases the value of offices from P to P´. 1). 4), which shifts its demand schedule to the right.