Office Yields Across Europe: What are the Driving Factors Behind their Progression?

Marcus Cieleback

ERES from European Real Estate Society (ERES)

Abstract: Yields, as an important part in property valuations and investment decisions, are reflecting the attitudes and the investment behaviour of institutional investors. In the 90ies an increasing number of studies analysed the driving factors for yield movements in the US and UK. These studies have provided significant insight on the determinants influencing yields and the importance of real estate and capital market factors. Given the lack of reliable time series data for continental Europe so far only few studies try to compare yield movements and their influencing factors across European real estate markets. The following study aims to answer the question how office market yields in different European real estate markets have evolved over time, especially during the convergence process to the Euro and what factors influenced these movements.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2003-06-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2003_135

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