A COMPARISON OF MODELS FOR OFFICE SPACE SUPPLY AND OVERSUPPLY

John Macfarlane

ERES from European Real Estate Society (ERES)

Abstract: A number of different approaches have been used in developing models for construction cycles and models for CBD office construction cycles in particular. The best known of these are the models developed by Wheaton (1987) and Pollakowski et al. (1992) which are somewhat different in format to models developed by Barras (1983, 1994), Henderschott (1996) and MacFarlane (1998). A recent edition of the Journal of Real Estate Research devoted solely to property cycles, has further extended this work with models put forward by Tsolacos (1999) and Kummerow (1999). These models vary substantially in form and have quite different data requirements. This paper will consider the differences in approach represented by these models and some of the implications in their use which arise from them. The models are applied to data from Australian office markets.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2000-06-01
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