The Workings of the London Office Market
基于1977-1996年伦敦金融城数据，构建了写字楼市场的均衡动态调整模型，分析就业增长和实际利率如何影响建设、吸纳、空置和租金，并解释了1985-1996年的严重市场周期。
This paper presents estimates of an equilibrium‐based dynamic adjustment model of the office market, using supply and demand relationships to link construction, absorption, vacancies and rents to employment growth and real interest rates. The model is estimated using data from the City of London office market over 1977–1996. The model tracks the market dynamically, and the severe 1985–1996 cycle is shown to be related to the cycle in employment growth and the movement of real interest rates. The latter directly affects both construction and real rent levels.