In the current stand of literature on the rental adjustment process starting with Hendershott et al. (Real Estate Economics, 30, 165-183, 2002a, Journal of Real Estate Finance and Economics, 24, 59-87, 2002b) it has become practice to treat the compound variable “occupied stock” as a supply variable. In this study we show that this variable deserves a more critical investigation and that the general view of a supply variable may be misleading. Using panel data covering 30 urban areas for 17 years, we investigate the rental adjustment process in the German office market.
- rental adjustment process
- office market
Adams, Z., & Füss, R. (2012). Disentangling the short and long-run effects of occupied stock in the rental adjustment process. Journal of Real Estate Finance and Economics , 44(4), 570-590 . https://doi.org/10.1007/s11146-010-9250-7