Download PDF by Michael Ball: The economics of commercial property markets

By Michael Ball

This new textual content offers a rigorous research of actual property markets. 3 major sections disguise: microeconomics of estate markets the macroeconomics of industrial estate the monetary economics of estate worldwide empirical examples illustrate the theories and matters. This usually complicated quarter is made obtainable: every one bankruptcy encompasses a boxed precis and questions for self-testing or dialogue.

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For example, the total stock of offices in England and Wales increased by only 28 per cent between 1984 and 1994, despite the period being one of record new office building. 5 per cent a year. Of course, the period was marked by an extreme boom, but, even in the boom years, net stock additions were still a small proportion of the overall existing stock. 1. This reflects standard demand analysis, whereby a lower price stimulates extra demand. 1) The time subscripts will be ignored from now on for simplicity.

Development, in effect, is a disequilibrium phenomenon— equating stock supply in the user market with stock demand at the prevailing equilibrium rent level. 1. Equilibrium as was noted earlier occurs with the demand curve D and the stock supply S at rent r. Once capitalised, r is the selling price of offices and equal to their replacement cost, so it is the rent that generates equilibrium in all three markets: user, financial asset and development. At this rent there will be no development. 1, along the same demand curve D, so that Q´ is the new stock supply of offices?

In the financial asset market, the price of a commercial building is the current estimate of its value. Virtually all commercial properties are bought and sold on the basis of a professional valuer’s estimate of their current worth, rather than simply on the basis of a direct trade between buyer and seller. Criticisms can be made of those valuations, as Chapter 10 notes, but for the purposes of the model, commercial property prices are assumed to reflect true market prices. Land costs are treated as a simple, quality/location adjusted, land price per hectare.

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