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Eubank Eubank, Sirmans Sirmans (February 1979)
The Price Adjustment Mechanism for Rental HousingQuarterly Journal of Economics
Heckman Heckman (1985)
Rental Price Adjustment and Investment in the Office MarketAREUEA Journal, 13
Rosen Rosen, Smith Smith (September 1983)
The Price Adjustment Process for Rental Housing, and the Natural Vacancy RateAmerican Economic Review
Wheaton Wheaton (1987)
The Cyclic Behavior of the National Office MarketAREUEA Journal, 15
P. Diamond (1981)
Mobility Costs, Frictional Unemployment, and EfficiencyJournal of Political Economy, 89
William Wheaton (1987)
The Cyclic Behavior of the National Office MarketReal Estate Economics, 15
Wheaton Wheaton (December 1984)
The Incidence of Interjurisdictional Differences in Local Property TaxesNational Tax Journal
This research confirms the existence of a strong vacancy rental adjustment mechanism in the market for office space, such as has been found in housing markets. Using national time‐series data, we find that real office rents drop approximately 2% annually, for every percentage point of “excess vacancy” in the market. We also find that the definition of “excess vacancy” has been trending upward over time. Using a recent vacancy forecast suggests that office income streams seem likely to decline in both real and nominal dollars over the next few years.
Real Estate Economics – Wiley
Published: Dec 1, 1988
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