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Institute for Financial Research SIFR Research Report Series, Institute for Financial Research

No 6:
Term Structures in the Office Rental Market in Stockholm

Åke Gunnelin () and Bo Söderberg ()

Abstract: This paper contains an empirical study of the rental term structure in a property market that included a dramatic boom and bust cycle. The study is applied to office leases in commercial properties located in Stockholm CBD, Sweden. The time period under study is 1977-1991. The number of observations (lease contracts) that we were able to make full use of in the regression analyses is n=861. For seven out of fifteen years studied, a significant term structure was observed. The estimated hedonic rent equation was also used to construct an office rental index.

Keywords: Rental Market; Office Rent; Lease Term; Term Structure; Property Market; Property Cycle; Rental Index; (follow links to similar papers)

JEL-Codes: R00; (follow links to similar papers)

26 pages, April 10, 2002

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