Scandinavian Working Papers in Economics

SIFR Research Report Series,
Institute for Financial Research

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

Åke Gunnelin () and Bo Söderberg ()
Additional contact information
Åke Gunnelin: Swedish Institute for Financial Research, Postal: Saltmätargatan 19A, SE-113 59 Stockholm, Sweden
Bo Söderberg: Royal institute of Technology, Postal: SE- 100 44 Stockholm, Sweden

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

JEL-codes: R00

26 pages, April 10, 2002

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