Vacancy Rates and the Future of Office Rents
研究发现办公市场存在类似住房市场的空置租金调整机制：每多出1个百分点的超额空置，实际租金每年下降约2%。超额空置的定义随时间上升，近期预测显示未来几年办公收入可能下降。
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.