The Link between the Office Market and Labour Market in Germany

Michael Voigtländer

MPRA Paper from University Library of Munich, Germany

Abstract: The article examines the link between the office market and labour market in Germany. In a first step the number of office employees is calculated by referring to occupational labour market statistics. Using a panel analysis with data for the biggest five German metropolises it is shown that office employment is a superior predictor for explaining adjustments in prime and average rents compared to total employment and unemployment rates. Taking vacancy rates also into account, the fit of the model can be further increased. Construction has only a minor impact on prime rents. The study is supplemented with single regressions for the five cities. While adjustments in Berlin and Dusseldorf can hardly be ascribed to office employment, office rents in Frankfurt, Hamburg and Munich react strongly to changes in the labour market.

Keywords: office employment; rental adjustment; panel analysis (search for similar items in EconPapers)
JEL-codes: R10 R33 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:23994

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